STATE FINANCIAL SERVICES CORP
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 | 2002-12-06 |
| How it is priced | Dutch auction |
| Odd-lot threshold | Fewer than 100 shares |
| Must tender everything you hold | Yes |
| Must tick the odd-lot box on the form | Not stated |
| Price offered | USD $14.00 to $16.50 per share, in steps of $0.25 |
| Most an odd-lot tender could be | $1,386.00 to $1,633.50 |
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.
expiry = 2002-12-06...K (INCLUDING THE ASSOCIATED PREFERRED SHARE PURCHASE RIGHTS) EACH AT A PURCHASE PRICE NOT GREATER THAN $16.50 NOR LESS THAN $14.00 PER SHARE OUR OFFER, THE PRORATION PERIOD AND YOUR RIGHT TO WITHDRAW WILL EXPIRE AT 5:00 P.M. (NEW YORK CITY TIME) ON FRIDAY, DECEMBER 6, 2002, UNLESS OUR OFFER IS EXTENDED. We hereby invite our shareholders to tender up to 700,000 shares of our common stock, including the associated preferred share purchase rights, for purchase by us at a price not greater than $16.50 nor less t...
listed = True...a network of 38 ATMs. Through its banking network, State provides commercial and retail banking products, long-term fixed-rate secondary market mortgage origination and brokerage activities. State also operates State Financial Insurance Agency. State's shares are traded on the Nasdaq National Market System under the symbol "SFSW." I-1 STATE FINANCIAL SERVICES CORPORATION PRESS RELEASE FINANCIAL HIGHLIGHTS SEPTEMBER 30, 2002 AT OR FOR THE THREE MONTHS ENDED AT OR FOR THE NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ----------------------------------- ---------------------------------- UNAUDITED 2002 2001 % CHG 2002 2001 % CHG --------- ----------...
mechanism = DUTCH...icable legal requirements. Our offer is not conditioned on any minimum number of shares being tendered. Q: What will the purchase price be and what will be the form of payment? (Section 1.) A: We are conducting our offer through a procedure commonly called a "modified Dutch auction." This procedure allows you to choose a price or prices within a specified price range at which you are willing to sell your shares. The price range for this offer is $14.00 to $16.50 per share. We will then look at the prices chosen by shareholders for all of the shares properly tendered and will select the lowest price that will enable...
must_tender_all = True...l tendered shares be purchased? (Section 1.) A: First, we will purchase shares from all holders of "odd lots" of less than 100 shares (not including any shares held in our 401(k) Savings Plan or our Employee Stock Ownership Plan, which will not have priority) who properly tender all of their shares at or below the purchase price we select. Second, after 4 purchasing all shares from those "odd lot" holders, we will purchase shares from all other shareholders who properly tender shares at or below the purchase price we select, on a pro rata basis, subject to the conditional tender provisions described in Section 6. Third, if necessar...
price = USD 14.0-16.5...commonly called a "modified Dutch auction." This procedure allows you to choose a price or prices within a specified price range at which you are willing to sell your shares. The price range for this offer is $14.00 to $16.50 per share. We will then look at the prices chosen by shareholders for all of the shares properly tendered and will select the lowest price that will enable us to buy 700,000 shares. If a lesser number of shares is tende...
threshold = 100...en if you choose a price at or below the purchase price we select. If more than 700,000 shares are tendered at or below the purchase price we select, we will purchase shares first from shares properly tendered at or below the selected price by any shareholder who owns fewer than 100 shares and who tenders all such shares and then from all shareholders who properly tender shares at prices equal to or below the selected price, on a pro rata basis. We will announce this proration percentage, if proration is necessary, after our offer expires. We also reserve the right to purchase additional shares, subject to applicable legal...
txn_type = TENDER_OFFEREX-99.(A)(1)(I) 3 c72641exv99wxayx1yxiy.txt OFFER TO PURCHASE [STATE FINANCIAL SERVICES CORPORATION LOGO] OFFER TO PURCHASE FOR CASH UP TO 700,000 SHARES OF COMMON STOCK (INCLUDING THE ASSOCIATED PREFERRED SHARE PURCHASE RIGHTS) EACH AT A PURCHASE PRICE NOT GREATER THAN $16.50 NOR LESS THAN $14.00 PER SHARE OUR OFFER, THE PRORATION PERIOD AND YOUR RIGHT TO WITHDRAW WILL EXPIRE AT 5:00 P.M. (NEW YOR...
The filings
| Filed | Form | Role | On EDGAR |
|---|---|---|---|
| 2002-11-01 | SC TO-I | original (governing) | View |