Odd Lot Index

MULTIMEDIA GAMES 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 date2007-07-10
How it is pricedDutch auction
Odd-lot thresholdFewer than 100 shares
Must tender everything you holdYes
Must tick the odd-lot box on the formYes
Price offeredUSD $13.50 per share
Cleared at$12.55
Most an odd-lot tender could be$1,242.45

How it finished

Everyone else86.1%
Shares tendered2,310,092
Proration factor86.1%

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...areholders should be aware that this election could mean that none of their shares will be purchased if they check a box other than the box representing the price at or below the purchase price. IN ADDITION, ODD LOT HOLDERS WHO TENDER ALL OF THEIR SHARES MUST COMPLETE THE SECTION ENTITLED “ODD LOTS” IN THE LETTER OF TRANSMITTAL TO QUALIFY FOR THE PREFERENTIAL TREATMENT AVAILABLE TO ODD LOT HOLDERS AS SET FORTH IN SECTION 1. 16 Table of Contents SHAREHOLDERS HOLDING THEIR SHARES THROUGH A BROKER, DEALER, COMMERCIAL BANK, TRUST COMPANY OR OTHER NOMINEE MUST CONTACT THE NOMINEE IN ORDER TO TENDER THEIR SHARES. SHAREHOLDERS WHO HOLD SHARES THROUGH NOMINEES ARE URGE...
expiry = 2007-07-10...on Stock (including the Associated Preferred Share Purchase Rights) at a Purchase Price not greater than $13.50 nor less than $12.25 per share THE TENDER OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON TUESDAY, JULY 10, 2007, UNLESS THE TENDER OFFER IS EXTENDED. Multimedia Games, Inc., a Texas corporation (the “Company,” “we” or “us”), invites our shareholders to tender up to $25,000,000 in value of our common stock and the associated preferred share purchase...
listed = True...ndered. The tender offer is, however, subject to other conditions. See Section 7. Our current directors and executive officers have advised us that they do not intend to tender any of their shares in the tender offer. See Section 11. Our shares are listed and traded on the Nasdaq Global Select Market under the symbol “MGAM”. On May 25, 2007, the last full trading day prior to announcement of the tender offer, the last reported sale price of our common stock on the Nasdaq Global Select Market was $11.87. On June 7, 2007, the last full trading day prior to commencement of the tender offer, the last reported sale pr...
mechanism = DUTCH...dent use of our financial resources given our capital position and current market price of our shares. We believe that investing in our own shares is an attractive use of capital and an efficient means to provide value to our shareholders. We believe that the modified “Dutch Auction” tender offer set forth in this Offer to Purchase represents a mechanism to provide all shareholders with the opportunity to tender all or a portion of their shares and, thereby, receive a return of some or, under certain circumstances, all of their investment if they so elect. The tender offer provides shareholders (particularly those w...
mechanism = DUTCH...al Officer 212-835-8500 or mgam@jcir.com Multimedia Games, Inc. 512-334-7500 MULTIMEDIA GAMES ANNOUNCES FINAL RESULTS OF TENDER OFFER AUSTIN, Texas, July 16, 2007 - Multimedia Games, Inc. (Nasdaq: MGAM) (“Multimedia”), today announced the final results of its modified “Dutch Auction” tender offer to purchase up to $25 million in value of its common stock and the associated preferred share purchase rights, at a price per share not greater than $13.50 and not less than $12.25, which tender offer expired at 5:00 p.m., Eastern Time, on Tuesday, July 10, 2007. Multimedia has accepted for purchase an aggregate of 1,992,03...
must_tender_all = True...e Depositary or if your shares have been tendered under the procedure for book-entry transfer set forth in Section 3. IN WHAT ORDER WILL YOU PURCHASE THE TENDERED SHARES? We will purchase shares: • first, from all holders of “odd lots” of less than 100 shares who properly tender all of their shares at or below the purchase price selected by us and do not properly withdraw them before the Expiration Time; • second, after purchasing the shares from the “odd lot” holders, from all other shareholders who properly tender shares at or below the purchase price selected by us, on a pro rata basis if the tender offer has been oversubscribed...
price = USD 13.5...offering to purchase up to $25,000,000 in value of shares of our common stock, $0.01 par value per share, including the associated preferred share purchase rights. At the maximum purchase price of $13.50 per share, we could purchase 1,851,852 shares, which would represent approximately 6.65% of our issued and outstanding common stock as of May 31, 2007. At the minimum purchase price of $12.25 per share, we could purchase 2,040,81...
price = USD 12.55...5, which tender offer expired at 5:00 p.m., Eastern Time, on Tuesday, July 10, 2007. Multimedia has accepted for purchase an aggregate of 1,992,032 shares of its common stock at a purchase price of $12.55 per share, for an aggregate share repurchase of approximately $25 million. Based on the final count from the depositary for the tender offer (and excluding any conditional tenders that were not accepted due to the specified condi...
threshold = 100...en though those shares were tendered at prices at or below the purchase price. Odd Lots. For purposes of the tender offer, the term “odd lots” means all shares properly tendered at prices at or below the purchase price selected by us held by a shareholder, an odd lot holder, who owns beneficially or of record an aggregate of fewer than 100 shares and so certifies in the appropriate place on the related Letter of Transmittal. To qualify for this preference, an odd lot holder must tender all shares owned beneficially or of record by the odd lot holder in accordance with the procedures described in Section 3. As set forth above, odd lots will be accepted for payment before proration...
txn_type = TENDER_OFFEREX-99.(A)(1)(I) 2 dex99a1i.htm OFFER TO PURCHASE Offer to Purchase Table of Contents EXHIBIT (a)(1)(i) Offer to Purchase for Cash by MULTIMEDIA GAMES, INC. of Up to $25,000,000 in Value of its Common Stock (including the Associated Preferred Share Purchase Rights) at a Purchase Price not greater than $13.50 nor less than $12.25 per share THE TENDER OFFER, PRORATION PERIOD AND WITHDRAWA...
txn_type = TENDER_OFFER...jcir.com Multimedia Games, Inc. 512-334-7500 MULTIMEDIA GAMES ANNOUNCES FINAL RESULTS OF TENDER OFFER AUSTIN, Texas, July 16, 2007 - Multimedia Games, Inc. (Nasdaq: MGAM) (“Multimedia”), today announced the final results of its modified “Dutch Auction” tender offer to purchase up to $25 million in value of its common stock and the associated preferred share purchase rights, at a price per share not greater than $13.50 and not less than $12.25, which tender offer expired at 5:00 p.m., Eastern Time, on Tuesday, July 10, 2007. Multimedia has accepted for purchase an aggregate of 1,992,032 shares of its common sto...
final_price = 12.55...0 and not less than $12.25, which tender offer expired at 5:00 p.m., Eastern Time, on Tuesday, July 10, 2007. Multimedia has accepted for purchase an aggregate of 1,992,032 shares of its common stock at a purchase price of $12.55 per share, for an aggregate share repurchase of approximately $25 million. Based on the final count from the depositary for the tender offer (and excluding any conditional tenders that were not accepted due to the specified condition not being satisfied), 2,310,092 shares of common stock...
proration_pct = 86.1...ed due to the specified condition not being satisfied), 2,310,092 shares of common stock were properly tendered and not withdrawn at prices at or below $12.55 per share. The final results represent a proration factor equal to approximately 86.1%. In accordance with the terms of the tender offer, proration for each holder that properly tendered (and did not withdraw) shares will be the product of the number of shares tendered by such holder multiplied by the proration factor, subject to the “odd lot” priority and conditi...
tendered = 2310092...ately $25 million. Based on the final count from the depositary for the tender offer (and excluding any conditional tenders that were not accepted due to the specified condition not being satisfied), 2,310,092 shares of common stock were properly tendered and not withdrawn at prices at or below $12.55 per share. The final results represent a proration factor equal to approximately 86.1%. In accordance with the terms of the tender offer, proration for each holder that properly tendered (and did not withdraw) shares will be the pro...

The filings

FiledFormRoleOn EDGAR
2007-06-08SC TO-Ioriginal (governing)View
2007-07-16SC TO-I/AamendmentView