Odd Lot Index

STEEL PARTNERS HOLDINGS L.P. SPLP

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 date2022-05-06
How it is pricedDutch auction
Odd-lot thresholdFewer than 100 shares
Must tender everything you holdNot stated
Must tick the odd-lot box on the formYes
Price offeredUSD $40.00 to $42.00 per share, in steps of $0.10
Most an odd-lot tender could be$3,960.00 to $4,158.00

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...ITS, WILL I BE SUBJECT TO PRORATION? If you beneficially own fewer than 100 units, in the aggregate, and you properly tender all of these units at or below the Purchase Price and do not properly withdraw them prior to the Expiration Date for the Offer and you complete the section entitled “Odd Lots” in the Letter of Transmittal and, if applicable, in the Notice of Guaranteed Delivery, we will purchase all of your units without subjecting them to the proration procedure. See Section 2. WHY ARE THE COMPANY AND STEEL EXCEL MAKING THIS OFFER? We believe that the repurchase of units is consistent with our long-term goal of maximizing value for our unitholders. The B...
expiry = 2022-05-06...ubsidiary Steel Excel, Inc. Up to $100 Million in Value of its Common Units At a Purchase Price not Less than $40.00 nor Greater than $42.00 per Unit The Offer, Proration Period and Withdrawal Rights will Expire at Midnight (at the end of the Day), Eastern Time, on May 6, 2022, unless the Offer is Extended Steel Partners Holdings L.P., a Delaware limited partnership (the “Company”), through its wholly owned subsidiary Steel Excel, Inc., a Delaware corporation (“Steel Excel” and, together with the Company, “we,”...
listed = True...ibed. We will not purchase units tendered at prices greater than the Purchase Price. Units tendered but not purchased in the Offer will be returned to the tendering unitholders at our expense promptly after the Expiration Date. Our common units are listed and traded on the New York Stock Exchange (“NYSE”) under the symbol “SPLP.” We publicly announced our intention to commence this Offer on April 7, 2022. On April 6, 2022, the last full trading day before the announcement of the Offer, the reported closing price of the units on the NYSE was $40.54 per unit. Before deciding whether to tender units, unitholders are urged to obtain current...
mechanism = DUTCH...New York, New York 10022, telephone (212) 520-2300. WHAT ARE WE OFFERING TO PURCHASE? We are offering to purchase our common units, no par value. WHAT WILL BE THE PURCHASE PRICE FOR THE UNITS? We are conducting the Offer through a procedure commonly called a modified “Dutch Auction.” This procedure allows you to select the price per units (in increments of $0.10) within a price range specified by us at which you are willing to sell your units. The price range for the Offer is $40.00 to $42.00 per unit. We will determine the Purchase Price that we will pay per unit promptly after the Expiration Date. The Purchase Pr...
price = USD 40.0-42.0...ch Auction.” This procedure allows you to select the price per units (in increments of $0.10) within a price range specified by us at which you are willing to sell your units. The price range for the Offer is $40.00 to $42.00 per unit. We will determine the Purchase Price that we will pay per unit promptly after the Expiration Date. The Purchase Price will be the lowest price at which, based on the number of units tendered and the prices spe...
threshold = 100...prices at or below the Purchase Price. 7 Odd Lots. The term “Odd Lots” means, with respect to the units, all units properly tendered prior to the applicable Expiration Date at prices at or below the Purchase Price and not properly withdrawn by any person (a “Odd Lot Holder”) who beneficially owned fewer than 100 units, as the case may be, and so certified in the appropriate place in the Letter of Transmittal and, if applicable, in the Notice of Guaranteed Delivery. To qualify for the Odd Lot preference with respect to the Offer, an Odd Lot Holder must tender all units, as applicable, owned by the Odd Lot Holder in accordance with the procedures descri...
txn_type = TENDER_OFFEREX-99.(A)(1)(A) 2 ea158147-exa1a_steelpartners.htm OFFER TO PURCHASE FOR CASH, DATED APRIL 7, 2022 Exhibit (a)(1)(A) Offer to Purchase for Cash by Steel Partners Holdings L.P. Through Its Wholly Owned Subsidiary Steel Excel, Inc. Up to $100 Million in Value of its Common Units At a Purchase Price not Less than $40.00 nor Greater than $42.00 per Unit The Offer, Proration Period and Withdrawal Rights will E...

The filings

FiledFormRoleOn EDGAR
2022-04-08SC TO-Ioriginal (governing)View