Tender expires mid-June, minimal risk involved
The company is repurchasing a high single-digit percentage of its share count. Regulators have approved the tender, which has now been launched and will expire in mid-June. Potential upside stands at €200+.
Assuming full participation and no major change in the shareholder base, the odd-lot threshold is expected to be around 400 shares.
However, the actual threshold will depend on how many shareholders choose to tender. It’s unlikely that all will participate, so the cutoff could end up significantly higher. For example, if only 80% of shareholders tender, the threshold would rise to 480 shares.
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