NORTHWAY FINANCIAL INC
Terms unclear
Unclear — read the filing yourself
No closing date could be read from these filings. Nothing has been filed for this offer in over six months, so it is treated as closed — a tender offer cannot run that long. Check the filings below if you think otherwise.
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.
amendment with no indexed original - the original may predate the collection window or may not mention odd lots
| Status | Closed (assumed) |
|---|---|
| Closing date | could not be read; last filing 2007-06-20 |
| 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 |
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.
mechanism = DUTCH...are held locally with just 10% outside branch footprint, Chairman is Brian Wright, who holds 30.72% of shares. Institutions hold 16.98% of shares, with the trust department holding 7.89% and the Farone Foundation holding another 7.49%. Wilber recently launched a dutch auction tender offer to repurchase 536,155 shares at $11.40 per share in furtherance of a plan to go private. Shares sold by David Wilber in the tender offer leave him owning 94,000 shares by trust and 177,000 shares with his wife. Before the tender there were 532 shareholders, 90 held only 3,260 share (or 36 shares on average). The impact of th...
txn_type = CONSOLIDATION...addition, a family of five generations will be considered one holder of record. Typically, going private transactions are structured in one of the following ways: 1) cash out merger (a management buyout or a leveraged buyout); 2) an odd-lot tender offer; 3) a reverse stock split; or 4) a sale of all of the company’s assets to a newly formed private company followed by the dissolution of the public company. Of the four options listed above, the most feasible options for Northway are an odd-lot tender offer or a reverse stock split. For the typical community bank, costs of going private range from $100,000 to $250...
The filings
| Filed | Form | Role | On EDGAR |
|---|---|---|---|
| 2007-06-20 | SC 13E3/A | amendment (governing) | View |