Bridgepoint Education (BPI) – Odd Lot Tender Offer – $176 Gain

Current Price – $17.72

Offer Price - $19.5

Potential Gain - 10% or $176 for Odd Lot holders

Expiration date – December 11, 2013

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling

Summary:

Bridgepoint Education, Inc., a Delaware corporation, is offering to purchase up to 10,250,000 shares of our common stock, par value $0.01 per share (the “common stock”), at a purchase price of $19.50 per share without interest and less any applicable withholding tax.

The 10,250,000 shares that the Company is offering to purchase pursuant to the Offer (including the shares issuable upon the exercise of vested options that are expected to be conditionally exercised) represent approximately 18.8% of the Company’s shares outstanding on October 31, 2013.

Proration:

Odd Lots will be accepted for payment before any proration of the purchase of other tendered shares. This preference is not available to partial tenders or to beneficial or record holders of an aggregate of 100 or more shares, even if these holders have separate accounts or certificates representing fewer than 100 shares.

Source of Funds:

Assuming that the maximum of 10,250,000 shares are tendered in the Offer at the Purchase Price, the aggregate Purchase Price will be approximately $200 million. We expect that expenses for the Offer will be approximately $2 million. We anticipate that we will pay for the shares tendered in the Offer from our cash, cash equivalents and short-term investments.