NABI BIOPHARMACEUTICALS VXRT
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.
| Status | Closed |
|---|---|
| Closing date | 2012-07-30 |
| How it is priced | Dutch auction |
| Odd-lot threshold | — |
| Must tender everything you hold | Not stated |
| Must tick the odd-lot box on the form | Not stated |
| Price offered | USD $1.58 to $1.72 per share |
| Most an odd-lot tender could be | $156.42 to $170.28 |
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.
expiry = 2012-07-30...BIOPHARMACEUTICALS UP TO $23,000,000 IN VALUE OF SHARES OF ITS COMMON STOCK AT A PURCHASE PRICE NOT GREATER THAN $1.72 NOR LESS THAN $1.58 PER SHARE THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00 MIDNIGHT, AT THE END OF THE DAY, NEW YORK CITY TIME, ON MONDAY, JULY 30, 2012, UNLESS THE OFFER IS EXTENDED (SUCH DATE AND TIME, AS THEY MAY BE EXTENDED, THE “EXPIRATION DATE”). Nabi Biopharmaceuticals (“Nabi,” the “Company,” “we,” “us,” or “our”) invites our stockholders to tender shares of our common stock, $0.10...
listed = True...represent approximately 33.95% of our issued and outstanding Shares as of July 1, 2012. The Offer is not conditioned upon the receipt of any minimum number of Shares being tendered. The Offer is, however, subject to other conditions. See Section 6. The Shares are listed on the NASDAQ Global Select Market (“NASDAQ”) and trade under the symbol “NABI.” On June 29, 2012, the last full trading day before we commenced the Offer, the last reported sale price of the Shares was $1.58 per Share. Stockholders are urged to obtain current market quotations for the Shares before deciding whether to tender their Shares. See Section 7. If you have questi...
mechanism = DUTCH...number of Shares being tendered by stockholders but is subject to certain other conditions. See Section 6. What will be the purchase price for the Shares and what will be the form of payment? We are conducting this Offer through a procedure commonly 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 sell your Shares. The price range for the Offer is $1.58 to $1.72 per Share. See Section 1. We will select the single lowest purchase price (in multiples of $0.02) (the “Purchase Price”) within the price range for the Offer th...
price = USD 1.58-1.72...re commonly 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 sell your Shares. The price range for the Offer is $1.58 to $1.72 per Share. See Section 1. We will select the single lowest purchase price (in multiples of $0.02) (the “Purchase Price”) within the price range for the Offer that will allow us to purchase $23,000,000 in value of Shares...
txn_type = CONSOLIDATION...inate the Offer if the Transaction Agreement is terminated in accordance with its terms. Please see Section 6 below for a description of conditions to the completion of the Offer. In addition, we intend, subject to approval by our stockholders, to implement a reverse stock split to become effective immediately prior to the completion of the Transaction as described in more detail in the Preliminary Proxy Statement attached hereto as Annex A. The foregoing description of the Transaction, including the Transaction Agreement, is qualified in its entirety by reference to our preliminary proxy statement related to th...
The filings
| Filed | Form | Role | On EDGAR |
|---|---|---|---|
| 2012-07-02 | SC TO-I | original (governing) | View |