Current Price – $8.66
Potential Recovery – $9.23-$9.65
Upside – $100 for odd-lots if priced at the upper limit
Expiration Date – 19th of December 2017
This idea was offered by Adam.
This is a standard odd lot tender offer with shares currently trading below the lower limit. Tender participants also get 'risk free' exposure to any positive events during the tender period (though no earnings releases are expected in the meantime).
Tender is for c. 12.5% of shares and will likely be oversubscribed - shares currently trade close to the highest levels over the last two years. I would expect the offer to be priced at the lower limit.
Tender will be funded by cash and investments on the balance sheet.