Odd Lot Index

SL INDUSTRIES INC

Odd lots go first

Read automatically from the filing
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 date2010-10-13
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 $14.50 per share
Most an odd-lot tender could be$1,435.50

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.... If I own fewer than 100 shares and I tender all of my shares, will I be subject to proration? If you own beneficially or of record fewer than 100 shares, you properly tender all of these shares at or below the Purchase Price before the Offer expires and you complete the section entitled “Odd Lots” in the letter of transmittal, we will purchase all of your shares without subjecting them to the proration procedure. See Section 1. What will be the form of payment of the Purchase Price? If we purchase your shares in the Offer, we will pay the Purchase Price, net to you in cash, less any applicable withholding taxes and without interest, for all of your shares tha...
expiry = 2010-10-13...in Cash up to 1,538,461 Shares of its Common Stock at a Purchase Price Not Greater Than $14.50 Nor Less Than $13.00 Per Share by SL Industries, Inc. THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME, ON OCTOBER 13, 2010, UNLESS SL INDUSTRIES, INC. EXTENDS THE OFFER. SL Industries, Inc., a New Jersey corporation (the “Company,” “we,” “our” or “us”), is offering to purchase for cash up to 1,538,461 shares of its common stock, par value $0.20 per share, at a...
listed = True...approved of this transaction or passed upon the merits or fairness of the transaction or passed upon the adequacy or accuracy of the information contained in this offer to purchase for cash. Any representation to the contrary is a criminal offense. The shares are listed on NYSE Amex Equities (“Amex”) under the ticker symbol “SLI.” We publicly announced the Offer prior to the opening of trading on September 15, 2010. On September 14, 2010, the last trading day before the commencement of the Offer, the closing sale price of our common stock reported on Amex was $13.17 per share. We urge you to obtain current mark...
mechanism = DUTCH...questions you, as a stockholder of the Company, may have about the Offer. Who is offering to purchase my shares? SL Industries, Inc. is offering to purchase your shares. What will the Purchase Price for the shares be? We are conducting the Offer by means of a modified “Dutch auction” to purchase for cash, upon the terms and subject to the conditions of the Offer, up to 1,538,461 shares (or such greater amount as we may elect to purchase, subject to applicable law) pursuant to tenders at prices specified by the tendering shareholders of not greater than $14.50 nor less than $13.00 per share. The Purchase Price will b...
must_tender_all = True...sed if any of the holder’s shares are purchased in the Offer (for which the condition was not initially satisfied) by random lot, to the extent feasible. To be eligible for purchase by random lot, stockholders whose shares are conditionally tendered must have tendered all of their shares. 8 We may not purchase all of the shares tendered pursuant to the Offer even if the shares are tendered at or below the Purchase Price. See Section 1, Section 5 and Section 6, respectively, for additional information concerning priority, proration and conditional tender procedures. Section 14 of this offer to purchase for cash describes...
price = USD 14.5...s. We will return any shares we do not purchase in the Offer to the tendering stockholders at our expense promptly after the expiration of the Offer. See Section 1. At the maximum purchase price of $14.50 per share, we could purchase 1,379,310 shares if the Offer is fully subscribed, which would represent approximately 22.7% of our issued and outstanding common stock as of September 14, 2010. At the minimum purchase price of $13.0...
priority = True...rly tendered at or below the Purchase Price and not properly withdrawn would result in an aggregate purchase price above $20 million (or such greater number of shares as we may elect to purchase, subject to applicable law), we will buy shares in the following order of priority: First, we will purchase all shares tendered by all holders of “odd lots” (fewer than 100 shares) who: · tender all shares owned beneficially or of record (partial tenders will not qualify for this preference) at a price at or below the Purchase Price selected by us; and · complete the section entitled “Odd Lots” in the letter of transmittal and, if applicable, in the notice of guaranteed delivery. Second, subject to the cond...
threshold = 100...t in an aggregate purchase price above $20 million (or such greater number of shares as we may elect to purchase, subject to applicable law), we will buy shares in the following order of priority: First, we will purchase all shares tendered by all holders of “odd lots” (fewer than 100 shares) who: · tender all shares owned beneficially or of record (partial tenders will not qualify for this preference) at a price at or below the Purchase Price selected by us; and · complete the section entitled “Odd Lots” in the letter of transmittal and, if applicable, in the notice of guaranteed delivery. Second, subject to the conditional...
txn_type = TENDER_OFFEREX-99.(A)(1)(I) 2 exa1itoi05380_09152010.htm OFFER TO PURCHASE exa1itoi05380_09152010.htm Exhibit (a)(1)(i) SL Industries, Inc. OFFER TO PURCHASE for Not More Than $20,000,000 in Cash up to 1,538,461 Shares of its Common Stock at a Purchase Price Not Greater Than $14.50 Nor Less Than $13.00 Per Share by SL Industries, Inc. THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00 MIDNIG...
txn_type = TENDER_OFFER...number of Shares having an aggregate purchase price not exceeding $20 million, or such fewer number of Shares as are properly tendered and not properly withdrawn. The Company’s offer is being made upon the terms and subject to the conditions set forth in the offer to purchase for cash dated September 15, 2010 (the “Offer to Purchase”), and in the related letter of transmittal (“Letter of Transmittal”), copies of which were previously filed with the Schedule TO as Exhibits (a)(1)(i) and (a)(1)(ii), respectively (which together, as amended or supplemented from time to time, constitute the “Offer”). The informat...

The filings

FiledFormRoleOn EDGAR
2010-09-15SC TO-Ioriginal (governing)View
2010-09-23SC TO-I/AamendmentView