YADKIN VALLEY CO
Terms unclear
Unclear — read the filing yourself
No closing date could be read from these filings. Nothing has been filed for this offer in over six months, so it is treated as closed — a tender offer cannot run that long. Check the filings below if you think otherwise.
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 (assumed) |
|---|---|
| Closing date | could not be read; last filing 2006-01-24 |
| How it is priced | Dutch auction |
| Odd-lot threshold | — |
| Must tender everything you hold | Not stated |
| Must tick the odd-lot box on the form | Not stated |
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.
mechanism = DUTCH...set number of shares for a certain amount of time Basically, a tender offer is just a large share repurchase at a premium with a deadline Open to all shareholders Shareholder participation is voluntary There are several types of tender offers Odd-lot Fixed price Dutch auction A tender offer document must be mailed to shareholders setting forth the offer and its financial impact on the company No guarantee that shareholders will tender shares or tender all shares owned Oversubscription may result in very few shareholders being eliminated Many small shareholders may not make the effort to tender shares Sales by...
txn_type = CONSOLIDATION...VL intends to deregister its common stock from the SEC to avoid the filing requirements of the SEC and avoid the large expected increase in compliance costs due to Sarbanes-Oxley. • YAVL anticipates reducing its shareholders of record below 300 by executing a reverse stock split (the “Transaction”). All fractional shares created in the reverse stock split would be cashed out. • YAVL has asked us as investment bankers to (i) render an opinion as to the fairness, from a financial point of view, to the Company’s common shareholders of the consideration to be received in the Transaction or (ii) advise the Board of D...
The filings
| Filed | Form | Role | On EDGAR |
|---|---|---|---|
| 2006-01-24 | SC 13E3 | original (governing) | View |