TRAMMELL CROW CO
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 | 2004-10-01 |
| 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 $13.50 to $15.75 per share, in steps of $0.25 |
| Most an odd-lot tender could be | $1,336.50 to $1,559.25 |
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 = 2004-10-01...fer to Purchase for Cash Up to 4,444,444 Shares of its Common Stock At a Purchase Price Not Greater Than $15.75 Nor Less Than $13.50 Per Share by Trammell Crow Company The offer and withdrawal rights will expire at 12:00 midnight, New York City time, on Friday, October 1, 2004, unless the offer is extended. Trammell Crow Company, a Delaware corporation, is offering to purchase up to 4,444,444 shares of its common stock, par value $0.01 per share (the "Common Stock"), at prices not greater than $15.75 nor less th...
listed = True...ittal relating to the price at which you are tendering shares in order to validly tender shares. The Offer is not conditioned upon any minimum number of shares being tendered. The Offer is, however, subject to other conditions. See Section 7. Our Common Stock is listed on the New York Stock Exchange (the "NYSE") under the symbol "TCC." On September 1, 2004, the last full trading day before we announced the Offer, the reported closing price of our Common Stock on the NYSE was $13.42 per share. You should obtain current market quotations for the Common Stock before tendering any of your shares. You should direct questions or requests...
mechanism = DUTCH...bout the number of shares that will be purchased, see Section 1, "Number of Shares; Proration; Expiration Date." How much will Trammell Crow Company pay me for my shares and how will I be paid? We are conducting the Offer through a procedure commonly called a modified "Dutch Auction." •This procedure allows you to select the price within a specified price range at which you are willing to sell your shares. The price range for the Offer is $13.50 to $15.75 per share. •We will determine the lowest single per share price within the price range that will allow us to purchase 4,444,444 shares or, if fewer shares are tend...
must_tender_all = True...er; Termination; Amendments." In what order will tendered shares be purchased? Will tendered shares be prorated? •First, we will purchase shares from all holders of "odd lots" of less than 100 shares (not including any shares held pursuant to the 401(k) Plan) who properly tender all of their shares, and do not properly withdraw such shares, at or below the selected purchase price; and •Second, after purchasing all shares from the "odd lot holders," we will then purchase shares from all other tendering stockholders tendered at or below the selected purchase price and not properly withdrawn, on a pro rata basis, subject to the condit...
price = USD 13.5-15.75...ocedure commonly called a modified "Dutch Auction." •This procedure allows you to select the price within a specified price range at which you are willing to sell your shares. The price range for the Offer is $13.50 to $15.75 per share. •We will determine the lowest single per share price within the price range that will allow us to purchase 4,444,444 shares or, if fewer shares are tendered, all shares tendered. •All shares purchased will be...
threshold = 100...ve been satisfied or waived and more than 4,444,444 shares have been validly tendered at or below the Purchase Price and not properly withdrawn on or prior to the Expiration Date, we will purchase shares in the following order of priority: (a) all such shares owned beneficially or of record by a person owning an aggregate of fewer than 100 shares (not including any shares held pursuant to the 401(k) Plan) (an "Odd Lot Owner") who validly tenders all of such shares (partial tenders will not qualify for this preference) and completes, or whose broker, bank or other nominee completes, the box captioned "Odd Lots" in the letter of transmittal and, if applicable, in the notice of guar...
txn_type = TENDER_OFFEREX-99.(A)(1)(I) 2 a2142949zex-99_a1i.htm EXHIBIT 99.(A)(1)(I) QuickLinks -- Click here to rapidly navigate through this document Exhibit (a)(1)(i) Offer to Purchase for Cash Up to 4,444,444 Shares of its Common Stock At a Purchase Price Not Greater Than $15.75 Nor Less Than $13.50 Per Share by Trammell Crow Company The offer and withdrawal rights will expire at 12:00 midnight, New York City time, on Friday, October 1, 2004, unless the offer is extended. Trammell Crow Company, a Delaware corporation,...
The filings
| Filed | Form | Role | On EDGAR |
|---|---|---|---|
| 2004-09-03 | SC TO-I | original (governing) | View |