Odd Lot Index

TPC Group 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 date2010-12-23
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 $24.50 to $27.50 per share, in steps of $0.25
Most an odd-lot tender could be$2,425.50 to $2,722.50

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...00 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 in the aggregate, you properly tender all of these shares at or below the Purchase Price prior to the Expiration Date and you complete the section entitled “Odd Lots” in the Letter of Transmittal and, if applicable, in the Notice of Guaranteed Delivery, and all conditions to the Offer are satisfied or waived, we will purchase all of your shares without subjecting them to proration. See Section 1. 6 Once I have tendered shares in the Offer, can I withdraw my tender? Yes. You may withdraw your tendered shares at any time prior to t...
expiry = 2010-12-08...Aggregate Purchase Price of Not More Than $130 Million at a Per Share Purchase Price Not Less Than $24.50 Per Share Nor Greater Than $27.50 Per Share THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON DECEMBER 8, 2010, UNLESS THE OFFER IS EXTENDED OR WITHDRAWN (SUCH DATE, AS IT MAY BE EXTENDED, THE “EXPIRATION DATE”). TPC Group Inc., a Delaware corporation (the “Company,” “TPC Group,” “we” or “us”), is offering to purchase for cash shares of its common...
expiry = 2010-12-23...Aggregate Purchase Price of Not More Than $130 Million at a Per Share Purchase Price Not Less Than $26.50 Per Share Nor Greater Than $28.50 Per Share THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON DECEMBER 23, 2010, UNLESS THE OFFER IS WITHDRAWN (SUCH DATE, THE “EXPIRATION DATE”). December 9, 2010 To Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees: You are receiving these materials because, on December 9, 2010, TPC Group Inc. (...
listed = True...be returned promptly following the Expiration Date. See Sections 3 and 4. The Offer is not conditioned upon any minimum number of shares being tendered. The Offer is, however, subject to a number of other terms and conditions. See Section 7. Our common stock is listed on The NASDAQ Capital Market (“Nasdaq”) and trades under the symbol “TPCG.” On November 3, 2010, the reported closing price of our common stock on Nasdaq was $27.97 per share. You are urged to obtain current market quotations for our common stock before deciding whether, and at what price or prices, to tender your shares pursuant to the Offer. See Section 8. ALTHOUGH...
mechanism = DUTCH...s of common stock? TPC Group Inc., which we refer to as the “Company,” “TPC Group,” “we” or “us,” is offering to purchase the shares. What will be the Purchase Price for the shares and what will be the form of payment? We are conducting an offer by means of a modified “Dutch auction” to purchase for cash shares of our common stock, par value $0.01 per share, pursuant to (i) auction tenders at prices specified by the tendering stockholders of not less than $24.50 nor greater than $27.50 per share (“Auction Tenders”) or (ii) purchase price tenders (“Purchase Price Tenders”), in either case upon the terms and subject t...
mechanism = DUTCH...rs, Commercial Banks, Trust Companies and Other Nominees: You are receiving these materials because, on December 9, 2010, TPC Group Inc. (the “Company”) announced (per the enclosed press release) that it has amended the price range of its previously announced modified “Dutch auction” tender offer to purchase for cash shares of its common stock, par value $0.01 per share, pursuant to (i) auction tenders at prices specified by the tendering stockholders of not less than $26.50 nor greater than $28.50 per share (“Auction Tenders”) or (ii) purchase price tenders (“Purchase Price Tenders”), in either case upon the terms...
must_tender_all = True...rly tendered at or below the Purchase Price and not properly withdrawn prior to the Expiration Date would result in an aggregate purchase price of more than $130 million, we will purchase shares: • First, from all holders of “odd lots” of less than 100 shares who properly tender all of their shares at or below the Purchase Price, and do not properly withdraw them prior to the Expiration Date; • Second, from all other stockholders who properly tender shares at or below the Purchase Price, on a pro rata basis, with appropriate adjustments to avoid the purchase of fractional shares (except for stockholders who tendered shares conditio...
must_tender_all = True...d at or below the Purchase Price and not properly withdrawn prior to the Expiration Date would result in an aggregate purchase price of more than $130 million, the Company will purchase shares: (i) first, from all holders of “odd lots” of less than 100 shares who properly tender all of their shares at or below the Purchase Price, and do not properly withdraw them prior to the Expiration Date; (ii) second, from all other stockholders who properly tender shares at or below the Purchase Price, on a pro rata basis with appropriate adjustments to avoid the purchase of fractional shares (except for stockholders who tendered shares condit...
price = USD 24.5-27.5...der. After the Expiration Date, TPC Group will, upon the terms and subject to the conditions of the Offer, determine a single price per share (the “Purchase Price”), which will be not less than $24.50 and not more than $27.50 per share, that it will pay for shares of our common stock properly tendered in the Offer and not properly withdrawn, taking into account the number of shares tendered pursuant to Auction Tenders and Purchase Price Tend...
price = USD 26.5-28.5...e. After the Expiration Date, the Company will, upon the terms and subject to the conditions of the Offer, determine a single price per share (the “Purchase Price”), which will be not less than $26.50 and not more than $28.50 per share, that it will pay for shares of the Company’s common stock properly tendered in the Offer and not properly withdrawn, taking into account the number of shares tendered pursuant to Auction Tenders and Purchase...
priority = True...hase Price or pursuant to Purchase Price Tenders will receive the Purchase Price, payable in cash, without interest, but subject to applicable withholding taxes, for all shares purchased upon the terms and subject to the conditions of the Offer, including the provisions relating to “odd lot” priority, proration and conditional tender described below. If you wish to maximize the chance that your shares will be purchased by us, you should properly tender your shares pursuant to a Purchase Price Tender. Note that these elections could result in the Purchase Price being lower and could result in your shares being purchased at the minimum...
threshold = 100...ified number of shares, it is possible that none of those shares will be purchased. Odd Lots. The term “odd lots” means all shares properly tendered prior to the Expiration Date at prices at or below the Purchase Price and not properly withdrawn by any person who owned, beneficially or of record, a total of fewer than 100 shares and so certified in the appropriate place on the Letter of Transmittal and, if applicable, on the Notice of Guaranteed Delivery (an “Odd Lot Holder”). To qualify for this preference, an Odd Lot Holder must tender all shares owned by the Odd Lot Holder in accordance with the procedures described in Section 3. Odd lots will be accepted for...
txn_type = TENDER_OFFEREX-99.(A)(1)(A) 2 dex99a1a.htm OFFER TO PURCHASE Offer to Purchase Exhibit (a)(1)(A) TPC Group Inc. Offer to Purchase for Cash Shares of Its Common Stock for an Aggregate Purchase Price of Not More Than $130 Million at a Per Share Purchase Price Not Less Than $24.50 Per Share Nor Greater Than $27.50 Per Share THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., N...
txn_type = TENDER_OFFEREX-99.(A)(1)(I) 4 dex99a1i.htm LETTER TO BROKERS, DEALERS, COMMERCIAL BANKS, TRUST COMPANIES Letter to Brokers, Dealers, Commercial Banks, Trust Companies Exhibit (a)(1)(I) TPC Group Inc. Offer to Purchase for Cash Shares of Its Common Stock for an Aggregate Purchase Price of Not More Than $130 Million at a Per Share Purchase Price Not Less Than $26.50 Per Share Nor Greater Than $28.50 Per Share THE OFFER, PRORATION PERIOD AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON DECEMBER 23, 2010, UNLESS THE OFFER IS WITHDRAW...

The filings

FiledFormRoleOn EDGAR
2010-11-08SC TO-Ioriginal (governing)View
2010-12-09SC TO-I/AamendmentView