Odd Lot Index

MSG NETWORKS INC.

Terms unclear

Unclear — read the filing yourself
In a Dutch auction, tendering too high can cost you the priority. The company picks the lowest price that buys the shares it wants, and everyone at or below that price gets it. Tender above it and your shares come back unpurchased — and because you are not in the accepted pool at all, the odd-lot priority never applies. Most offers have a box meaning "accept whatever price is determined", which keeps you in the pool; the trade-off is that you give up any say in the price. The filing explains both.
StatusClosed
Closing date2019-09-27
How it is pricedDutch auction
Odd-lot threshold—
Must tender everything you holdNot stated
Must tick the odd-lot box on the formYes
Price offeredUSD $15.00 to $17.50 per share, in steps of $0.10
Most an odd-lot tender could be$1,485.00 to $1,732.50

Where each of these comes from

Every line above was read out of the filing. Here is the wording it was read from, so you can check it.

election_required = True...bject to proration? If you own, beneficially or of record, fewer than 100 Class A Shares in the aggregate, you validly tender all of these Class A Shares at or below the Final Purchase Price and do not validly withdraw them before the Expiration Date, and you complete the section entitled “Odd Lots” in the Letter of Transmittal and, if applicable, in the Notice of Guaranteed Delivery, we will purchase all of your Class A Shares without subjecting them to the proration procedure. See Section 1. -5- Table of Contents Once I have tendered Class A Shares in the Offer, may I withdraw my tendered Class A Shares? Yes. You may withdraw any Class A Shares you have tende...
expiry = 2019-09-27...s A Shares having an aggregate value of less than $250 million are properly tendered and not properly withdrawn, we will buy all Class A Shares properly tendered and not properly withdrawn. The term “Expiration Date” means 12:00 Midnight, New York City time, at the end of Friday, September 27, 2019, unless and until we, in our sole discretion, shall have extended the period of time during which the Offer will remain open, in which event the term “Expiration Date” shall refer to the latest time and date at which the Offer, as so exten...
listed = True...of August 28, 2019. Table of Contents THE OFFER IS NOT CONDITIONED ON THE RECEIPT OF FINANCING OR ANY MINIMUM NUMBER OF CLASS A SHARES BEING TENDERED. THE OFFER IS, HOWEVER, SUBJECT TO CERTAIN OTHER CONDITIONS. SEE SECTION 7. The Class A Shares are listed and traded on the New York Stock Exchange (“NYSE”) under the symbol “MSGN.” On August 29, 2019, the last full trading day prior to the commencement of the Offer, the last reported sale price of the Class A Shares was $14.32 per Class A Share. Stockholders are urged to obtain current market quotations for the Class A Shares before deciding whether and at what purchase price or purchase...
mechanism = DUTCH...stockholders to repurchase Class A Shares pursuant to our share repurchase program, and our management believes that, at this time, it is a prudent use of our financial resources and an effective way to provide value to our stockholders. We believe that the “modified Dutch auction” tender offer set forth in this Offer to Purchase represents an efficient mechanism to provide our stockholders with the opportunity to tender all or a portion of their Class A Shares and thereby receive a return of capital of some or all of their investment in the Company if they so elect. The Offer provides stockholders with an opportu...
price = USD 15.0-17.5...called a modified “Dutch auction.” This procedure allows you to select the price, within a price range specified by us, at which you are willing to tender your Class A Shares. The price range for the Offer is $15.00 to $17.50 per Class A Share. We will select the single lowest purchase price (in increments of $0.10), not greater than $17.50 nor less than $15.00 per Class A Share, that will allow us to purchase up to $250 million in value of...
txn_type = TENDER_OFFEREX-99.(A)(1)(I) 2 d786888dex99a1i.htm EX-(A)(1)(I) EX-(a)(1)(i) Table of Contents Exhibit (a)(1)(i) Offer to Purchase by MSG Networks Inc. Up to $250 Million in Value of Shares of Its Class A Common Stock At a Cash Purchase Price not greater than $17.50 per Class A Share Nor Less than $15.00 per Class A Share THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME, AT THE END OF FRIDAY, SEPTEMBER 27, 2019, UNL...

The filings

FiledFormRoleOn EDGAR
2019-08-30SC TO-Ioriginal (governing)View