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MVC Capital (MVC) – Expected Tender Offer – 5%+ upside

Current Price – $10.51

Expected Payout – TBD

Upside – TBD (likely around 5%+)

Expiration Date – TBD

The BoD of MVC Capital approved tender offer to repurchase $25m of stock (approximately 11% of outstanding). Tender is expected to commence in November and the repurchase price has not been set yet. On top of that on the 31st of October

Advanced Emissions Solutions (ADES) – Tender Offer + Expected Dividend – 20%+ upside

Current Price –$9.85

Expected Price – $12

Upside – 20%+

Expiration Date – June 2017

This is a two part special situation. The first one is a simple dutch tender with odd-lot provision. The second part comes from general undervaluation of the company where expected dividend (yet to be announced, but already communicated by management) could serve as a catalyst. At the same time the company is trading below contractually secured cashflows in the RC segment and has significant upside optionality from other business segments.

White Mountains Insurance (WTM) – Odd Lot Tender – $1200 upside (unlikely)

Current Price – $863

Offer Price – $825 – $875

Upside – $1200 (for odd lot holders if priced at the upper limit)

Expiration Date – 14th of September, 2017

This is a short note as situation is straight forward and most of the members already have familiarity with odd-lot tenders. I am mostly flagging this due to high potential upside in dollar terms (percentage wise it is only 1.3%). Risk/reward is unfavorable and I have no position at the moment.

Tropicana Entertainment (TPCA) – Tender Offer – 5.5% expected upside

Current Price – $42.6

Offer Price – $38 – $45

Upside – 5.5% (if priced at the upper limit)

Expiration Date – 2nd of August, 2017

 

This tender offer seems to be a step towards Carl Icahn taking the company private. Icahn’s IEP already owns 72.5% of the outstanding shares and will have 80%-95% after the tender. Due to this reason I believe that tender pricing at the upper limit is very likely (thus low risk 5.5% upside). After the tender Icahn will buy-out the remaining public shareholders at the same price or at a premium to the tender price (although agreement was reached that IEP will not increase its ownership stake beyond 95% for the next two years).

Yahoo (YHOO) – Odd Lot Tender – 10% potential upside

Current Price – $52.18

Offer Price – $50.73 – $57.58

Upside – 10% or $540 (if priced at the upper limit)

Expiration Date – 16th of June, 2017

 

This is a standard Dutch tender offer and YHOO shares currently trade in the middle of the buyout range.

CIT Group (CIT) – Odd Lot Tender Offer – Minimal upside currently

Current Price –$46.86

Offer Price – $43 – $48

Upside – 2.5% (if priced at the upper limit)

Expiration Date – 24th of May, 2017

 

This is a tender offer with shares currently trading in the middle of the buyback range. Tender offer has high likelihood of being priced at the upper limit and proration is expected to be low. There is no proration for odd-lot holders.

Global Eagle Entertainment (ENT) – Expected Tender Offer – 80% upside

Current Price –$6.2

Offer Price – $11

Upside – 80%

Expiration Date – TBD (likely H2 2017)

 

Global Eagle Entertainment provides satellite based entertainment and connectivity services for aviation and maritime industries (think wifi on the plane or Gogo). Company presentation is here. Its systems are installed in 750 aircraft currently and the company has contracts for further expansion. Revenues are growing at 30%+ annually, but ENT is still loss making and burning cash. I am no expert in technology investments and find these extremely difficult to value, but recent events caught my attention.

Trez Capital Mortgage Investment (TZZ) – Odd Lot Tender Offer – Free Option

Current Price – C$7.99

Offer Price – C$8.0 – C$8.3

Upside – 4% (C$30 for odd lot holders)

Expiration Date – 14th of Feb 2017

 

This is a tiny opportunity in Canada. Currently the shares trade one cent below the lower limit and thus odd-lot holders are guaranteed that their shares will be purchased at least at the same price in one month.  This is a free option on any potential share price appreciation in the meantime or tender being priced at the upper limit (I consider the later to be unlikely).

GSI Technology (GSIT) – Odd Lot Tender Offer – $20 Potential

Current Price – $6.50

Offer Price – $6.50 – $6.70

Upside – 3.1% or $20 for Odd Lot holders (if upper pricing is used)

Downside – $0

Expiration date – August 6, 2014

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

SEC Filling

Trading Strategy:

Buy 99 shares of GSIT

Action Semiconductors (ANR) – Tender Offer – 12.5% upside

Current Price – $2.4

Offer Price – $2.5 – $2.7

Upside – 12.5.% (if the upper pricing limit is used)

Expiration date – 18 September 2014

There is no provision for odd-lots

SEC Filling

Summary:

Actions Semiconductor Co is offering to purchase for cash up to 60,000,000 of its ordinary shares, $0.000001 par value

Credit Acceptance Corp (CACC) – Odd Lot Tender Offer – $56 Gain

Current Price – $124.97

Offer Price – $125.54

Upside – 0.5% or $56

Expiration date – October 20, 2014

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

SEC Filling

Summary:

Credit Acceptance Corporation, a Michigan corporation, is offering to purchase up to 995,698 shares of its common stock, par value $0.01 per

Rand WorldWide (RWWI) – Odd Lot Tender Offer – no upside currently

Current Price – $1.24

Offer Price – $1.20

Upside – no upside currently

Expiration date – 3 Nov 2014

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

SEC Filling

Summary:

Rand Worldwide, Inc. (OTCBB: RWWI), a global provider of technology solutions to organizations with engineering design and information technology requirements, announced today

Intrawest Resorts Holdings (SNOW) – Odd Lot Tender Offer – Risk Free upside of 13%

Current Price – $8.77

Offer Price – $9 – $10

Upside – potentially 13% or $120 (if the upper pricing limit is used), otherwise guaranteed return of 2% (if lower pricing limit is used)

Expiration date –  10 February 2016

No proration for odd lot holders

Some thoughts: The price shop up 30% upon tender announcement although

Chemtura (CHMT) – Odd Lot Tender Offer – $114 potential

Current Price – $23.35

Offer Price – $21.5 – $24.5

Upside – 4.9% or $114 ( for odd lot holders, if the upper pricing limit is used)

Expiration date –  1 December 2014

Condition – Offer is conditioned on the sale of Chemtura AgroSolutions (expected to be closed in time)

SEC Filling

Summary:

We

SMG Indium Resources (SMGI) – Odd Lot Tender Offer – 2.5% upside

Current Price – $2.35

Offer Price – $2.41

Upside – 2.5% or $6 (for odd lot holders)

Expiration date –  1 December 2014

Note – as 78% of stock is being purchased there is a high possibility that the offer will be under-subscribed and therefore there will be no proration at all not only for odd lot

Tucows (TCX) – Odd Lot Tender Offer – 2% potential

Current Price – $18.15

Offer Price – $16.5 – $18.5

Upside – 2% or $35 ( for odd lot holders, if the upper pricing limit is used)

Expiration date –  7 January 2015

SEC Filling

Summary:

Tucows Inc., a Pennsylvania corporation, is offering to purchase for cash shares of its common stock at a

EXFO Inc (EXFO) – Odd Lot Tender Offer – 7.5% potential

Current Price – C$4.28

Offer Price – C$4.2 – C$4.6

Upside – 7.5% or $32 ( for odd lot holders, if the upper pricing limit is used)

Expiration date –  13 February 2015

SEC Filling

Summary:

We are conducting the Offer through a procedure commonly called a “modified Dutch Auction”. This procedure allows you

Update on SNOW and SPIL

A quick update on couple transaction posted on www.specialsituationinvestments.com

SNOW – currently trades at $8.28 vs lower buyout limit of $9. Tender Offer closes in a week.

SPIL – provided update regarding regulatory approval as well as extension of offer till March 17th (here). Response from

Xenia Hotels (XHR) – Odd Lot Tender Offer – minimal upside currently

Current Price – $20.7 (it is a spin-off from 3 days ago, so share price is volatile and might decline to a more favorable levels for the tender offer)

Offer Price – $19 – $21

Upside – 1.5% or $10 ( for odd lot holders, if the upper pricing limit is used)

Expiration date –  5 March

Nationstar Mortgage (NSM) – Odd Lot Tender Offer – minimal upside currently

Current Price – $9.05

Offer Price – $8.2 – $9.4

Upside – potentially 3% or $35 (if the upper pricing limit is used)

Expiration date –  11 March 2016

No proration for odd lot holders

Some thoughts: With the recent market volatility there is a good chance that better buying opportunities will appear before expiry of the offer

Nicholas Financial (NICK) – Odd Lot Tender Offer – 5% potential

Current Price – $14.9

Offer Price – $14.6 – $15.6

Upside – 5% or $70 ( for odd lot holders, if the upper pricing limit is used)

Expiration date –  13 March 2015

SEC Filling

Summary:

Nicholas Financial, Inc., a British Columbia, Canada corporation (the “Company”), invites its shareholders to tender up to $70.0 million

Silgan Holdings (SLGN) – Odd Lot Tender Offer – $125 potential

Current Price – $57.24

Offer Price – $54.75 – 58.5

Upside – 2.2% or $125 ( for odd lot holders, if the upper pricing limit is used)

Expiration date –  10 March 2015

SEC Filling

Summary:

Silgan Holdings Inc., a Delaware corporation, is offering to purchase up to 3,652,968 shares of its outstanding common

CRA International (CRAI) – Odd Lot Tender Offer – 5% potential upside

Current Price – $18.88

Offer Price – $18.00- $19.75

Upside – potentially 5% or $90 (if the upper pricing limit is used)

Expiration date –  21 March 2016

No proration for odd lot holders

SEC Filling

Summary:

We are conducting the tender offer through a procedure commonly called a modified “Dutch Auction.” This procedure

FNFV Group (FNFV) – Odd Lot Tender Offer – 6% potential

Current Price – $14.5

Offer Price – $14.3 – $15.4

Upside – 6.2% or $90 ( for odd lot holders, if the upper pricing limit is used)

Expiration date –  20 March 2015

SEC Filling

Summary:

FNF invites its stockholders to tender some or all of their Shares for purchase by us. Upon the

Malibu Boats (MBUU) – Odd Lot Tender Offer – $70 potential

Current Price – $22.8

Offer Price – $21 – $23.5

Upside – 3% or $70 ( for odd lot holders, if the upper pricing limit is used)

Expiration date –  9 April 2015

SEC Filling

Summary:

We are conducting the Offer by means of a procedure commonly called a “modified Dutch auction.” Upon the

ITEX Corp (ITEX) – Odd Lot Tender Offer – 11% guaranteed return

Current Price – $3.61

Offer Price – $4

Upside – 11% or $39 ( for odd lot holders)

Expiration date –  15 April 2015

SEC Filling

Summary:

We are offering to purchase your shares at a price of $4.00 per share. We are offering to purchase 750,000 shares validly tendered in the tender offer, or such

SL Industries (SLI) – Odd Lot Tender Offer – no upside currently

Current Price – $43.41

Offer Price – $39- $42

Upside – no upside currently (opportunity might appear before offer expiration)

Expiration date –  23 April 2015

SEC Filling

Summary:

SL Industries, Inc., a Delaware corporation (the “Company,” “we,” “our” or “us”), is offering to purchase for cash up to 512,820 shares of its common stock, par

Renren (RENN) – Odd Lot Tender Offer – minimal upside currently

Current Price – $2.66

Offer Price – $2.4 – $2.75

Upside – 3.4% or $10 (opportunity might improve before the offer expires)

Expiration date –  29 April 2015

SEC Filling

Summary:

We will purchase up to $50 million in value of ADSs in the Offer or such lower amount equal to the value of

Harmonic Inc (HLIT) – Odd Lot Tender – $49 potential

Current Price – $5.71

Offer Price – $5.75 – $6.25

Potential Gain – 8.7% or $49 for Odd Lots at $6.25 tender offer price

Expiration date – June 10, 2013

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

Summary:

Harmonic Inc., a Delaware corporation, is offering to purchase up to 16,000,000 shares

FBR & Co (FBRC) – Odd Lot Tender – potential $0

Current Price – $23.76

Offer Price – $22.5 – $23.5

Potential Gain – zero currently.

Expiration date – June 18, 2013

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

Summary:

FBR & Co., a Virginia corporation, invites its stockholders to tender up to 1,250,000 shares of its common stock, $0.001 par value per share

Cole Real Estate (COLE) – Odd Lot Tender – $208 potential

Current Price – $10.9

Offer Price –  $12.25 – $13.00

Potential Gain – 19% or $208 for Odd Lot holders

Expiration date – August 8, 2013

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

SEC Filling

Summary:

Cole Real Estate Investments, Inc., a Maryland corporation formerly known as Cole Credit Property

Geeknet (GKNT) – Odd Lot Tender – $15 potential

Current Price – $13.85

Offer Price – $12 – $14

Potential Gain – 1.1% or $15 for Odd Lot holders

Expiration date – July 15, 2013

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

SEC Filling

Summary:

Geeknet, Inc., a Delaware corporation (“we,” “us,” “our” or the “Company”),

Western Forest Products (WEF) – Odd Lot Issuer Bid – $22 potential

Current Price – $1.28

Offer Price – $1.30 – $1.50

Potential Gain – 17% or $22 for Odd Lot holders

Expiration date – August 12, 2013

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

Sedar Filling (Canadian Company)

Summary:

Western Forest Products Inc. (“Western” or the “Company”) hereby offers (the “Offer”) to

Halliburton (HAL) – Odd Lot Tender Offer – $250 potential

Current Price – $45.98

Offer Price – $42.5 – $48.5

Potential Gain – 5.5% or $250 for Odd Lot holders (if the upper pricing limit is used)

Expiration date – August 22, 2013

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

SEC Filling

Summary:

Halliburton Company is offering to purchase

WebMD Health (WBMD) – Odd Lot Tender Offer – $203 Gain

Current Price – $31.95

Offer Price – $34

Potential Gain – 6.5% or $203 for Odd Lot holders

Expiration date – September 4, 2013

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

SEC Filling

Summary:

WebMD Health Corp., a Delaware corporation, is offering to purchase up to 5,000,000 shares of

AAR Corp (AIR) – Odd Lot Tender Offer – $87 potential

Current Price – $31.12

Offer Price – $29 – $32

Upside – 3% or $87 (for odd lot holders if upper pricing limit is used)

Expiration date –  22 May 2015

SEC Filling

Summary:

 AAR CORP., a Delaware corporation, is offering to purchase for cash by means of a “modified Dutch auction” shares of its

Columbia Property Trust (CXP) – Odd Lot Tender – $253 potential

Current Price – $22.44

Offer Price – $22.00 – $25.00

Potential Gain – 11.4% or $253 for Odd Lot holders (if priced at the upper limit)

Expiration date – November 8, 2013

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

SEC Filling

Summary:

Columbia Property Trust, Inc., a Maryland corporation

Celestica (CLS) – Odd Lot Tender Offer – 9% upside

Current Price – $12.24

Offer Price – $11.7 – $13.3

Upside – 9% or $105 (for odd lot holders if upper pricing limit is used)

Expiration date –  1 June 2015

SEC Filling

Summary:

Celestica Inc. invites the holders of its subordinate voting shares to tender, for purchase and cancellation by the Corporation, up to US$350,000,000 in

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

Taro Pharmaceutical (TARO) – Odd Lot Tender Offer – minimal upside

Current Price – $95.77

Offer Price – $84.5 – $97.5

Potential Gain – 1.8% gain if the offer is priced at the upper limit. Otherwise a loss

Expiration date – August 8, 2013

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

SEC Filling

Summary:

Taro Pharmaceutical Industries Ltd., a company

BBX Capital (BBX) Tender Offer with 10% upside

Current Price – $18.26

Offer Price – $20

Upside – 10% (due to proration the realized upside will be lower)

Expiration date –  24 April 2015

Trading Strategy – This is not an odd lot offer. 60% of the float will be bought out (meaning proration will be better than 60%), which makes the current spread seem very

Wendy’s (WEN) – Odd Lot Tender Offer – $43 potential

Current Price – $8.81

Offer Price – $8.50 – $9.25

Potential Gain – 5% or $43 for Odd Lot holders (if the offer is priced at the upper limit)

Expiration date – February 11, 2014

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

SEC Filling

Summary:

The Wendy’s Company, a

Outerwall (OUTR) – Odd Lot Tender Offer

Current Price – $71.02

Offer Price – $66.82 – $76.32

Upside – 7.5% or $524 for Odd Lot holders

Downside – 6% or -$416 for Odd Lot holders

Expiration date – March 7, 2014

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

SEC Filling

Summary:

We will purchase up to

Greenhill & Co (GHL) – Odd Lot Tender Offer – 1.5% upside (12% realized)

Current Price – $17.02

Offer Price – $17.25

Upside – 1.5% or $25 for odd lot holders

Expiration Date – 25th of October, 2017

GHL has launched tender for 40% of the outstanding stock. This is an opportunity to participate in the tender  that is very likely to be under-subscribed and price might shot up if that turns out to be the case. More risk averse investors can pocket $25 risk free.

Helen of Troy (HELE) – Odd Lot Tender Offer – $410 potential

Current Price – $62.36

Offer Price – $57.75 – $66.50

Upside – 6.6% or $410 for Odd Lot holders

Downside – 7.4% or -$456 for Odd Lot holders

Expiration date – March 10, 2014

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

SEC Filling

Summary:

Helen of Troy Limited, a

Credit Acceptance Corp (CACC) – Odd Lot Tender Offer – no upside

Current Price – $127.73

Offer Price – $125.58

Upside – no upside currently

Expiration date – June 16, 2014

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

SEC Filling

Summary:

Credit Acceptance Corporation, a Michigan corporation, is offering to purchase up to 915,750 shares of its common stock, par value $0.01 per

Genpact (G) – Odd Lot Tender Offer – $69 Potential

Current Price – $17.30

Offer Price – $16.5 – $18.00

Upside – 4% or $69 for Odd Lot holders

Downside – 4.6% or -$79 for Odd Lot holders

Expiration date – April 2, 2014

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

SEC Filling

Summary:

Genpact Limited, a Bermuda Company, invites

CBS Corp (CBS) – Split Off transaction – $470 opportunity

Current Price –CBS $58.45, ETM $11.20

Offer Price – $1.08 stock of ETM for $1 stock of CBS (subject to upper limit of 5.7466 ETM shares per share of CBS)

Upside – 8% or $470 for Odd Lot holders

Expiration date – November 16, 2017

This is a standard split-off transaction of which I have already posted quite a few. The most recent ones were PG/COTY and LMT/LDOS split-offs. CBS also had another split-off back in 2014. I recommend reading through those and examining share price behavior during and after the tender to familiarize yourselves with risks involved in this kind of transaction.

Global Sources (GSOL) – Odd Lot Tender Offer – $148 Gain

Current Price – $8.51

Offer Price – $10.00

Upside – 17.5% or $148 for Odd Lot holders

Expiration date – May 28, 2014

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

SEC Filling

Summary:

Global Sources Ltd., a Bermuda company, is offering to purchase for cash up to 5,000,000 shares of its

Copart (CPRT) – Odd Lot Tender Offer – minimal upside at the moment

Current Price – $35.75

Offer Price – $34.75 – $36

Upside – minimal potential upside currently

Expiration date –  6 July 2015

SEC Filling

Summary:

Copart, Inc., a Delaware corporation, is offering to purchase up to 13,888,888 shares of our common stock, $0.0001 par value, at a purchase price not greater than $36.00 nor

Wendy’s (WEN) – Odd Lot Tender Offer – $100 potential upside

Current Price – $11.27

Offer Price – $11.05 – $12.25

Upside – $97 or 9% (if the upper pricing limit is used)

Expiration date –  30 June 2015

SEC Filling

Summary:

Wendy’s Company is offering to purchase for cash shares of its common stock, par value $0.10 per share, pursuant to auction tenders at

Credit Acceptance Corp (CACC) – Odd Lot Tender Offer – no upside

Current Price – $137.41

Offer Price – $133.35

Upside – no upside currently

Expiration date – March 26, 2014

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

SEC Filling

Summary:

Credit Acceptance Corporation, a Michigan corporation , is offering to purchase up to 637,420 shares of its common stock, par value $0.01

New York REIT (NYRT) – Odd Lot Tender Offer – $20 Gain

Current Price – $10.55

Offer Price – $10.75

Upside – 1.9% or $20 for Odd Lot holders

Expiration date – May 12, 2014

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

SEC Filling

Trading Strategy:

Buy 99 shares of NYRT below $10.75 and tender all your shares before May 12, 2014.

Global Sources (GSOL) – Odd Lot Tender Offer – 10% guaranteed upside

As expected, GSOL has included odd lot provision in their tender offer. Updated details below”

Current Price – $6.81;

Offer Price – $7.5;

Upside – $68 or 10%;

Expiration date –  27 July, 2015;

SEC Filling

Summary:

Global Sources Ltd. (NASDAQ: GSOL) intends to commence an issuer tender offer by the end of June

Cryo-Cell (CCEL) – Odd Lot Tender Offer – 7% expected gain

Warning: This tender is by micro-cap listed on pink-sheets – as such there is way more risk that the tender offer will be carried through as described. Do your own research before investing.

Current Price – $3.02;

Offer Price – $3.25;

Upside – 7% or $22 (for odd lot holders)

Expiration date –  28 July 2015

FBR & Co (FBRC) – Odd Lot Tender Offer – $104 Potential

Current Price – $27.95

Offer Price – $28.00 – $29.00

Upside – 3.8% or $104 for Odd Lot holders (if priced at the upper limit)

Expiration date – August 20, 2014

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

SEC Filling

Trading Strategy:

Buy 99 shares of FBRC below $28 and

Nam Tai Property – Odd Lot Tender – $25 guaranteed return

Current Price – $5.25;

Offer Price – $5.5;

Upside – 5% or $25 (for odd lot holders);

Expiration date –  4 Sep 2015;

SEC Filling

Summary:

Nam Tai Property Inc., a British Virgin Islands corporation (the “Company”), is offering to purchase up to 15,000,000 shares of the Company’s common stock, par value $0.01 per

TIER REIT (TIER) – Odd Lot Tender Offer – $150 return

Current Price – $17.5

Offer Price – $19 – $21

Upside – $150 or 8.5% (if lower pricing limit is used)

Expiration date –  19 August 2015

No proration for odd lot holders

SEC Filling

Summary:

TIER REIT, Inc., hereby offers to purchase for cash up to $50 million in value of shares of its

Condor Hospitality Trust (CDOR) – Offer to Exchange – 8% upside (Cancelled)

Company is offering to exchange each Series A Preferred Stock (Ticker CDORP) for 5.38 shares of common stock (Ticker CDOR). There is similar exchange with Series B Preferred stock, but currently there is no upside on it.

Current Price CDORP – $8;

Current Price CDOR – $1.61;

Value of CDORP if exchanged for 5.38 CDOR

St. Joe (JOE) – Odd Lot Tender Offer – $110 guaranteed return

Current Price – $16.89;

Offer Price – $18;

Upside – 6.5% or $110 (for odd lot holders);

Expiration date –  22 Sep 2015;

SEC Filling

Summary:

The St. Joe Company is offering to purchase up to 16,666,666 shares of its common stock, no par value, at a price of $18.00 per share, net to

ZAIS Financial (ZFC) – Tender Offer – 12% upside

Current Price –$14.06;

Offer price – at least $15.36 + $0.4 in dividends, a total of $15.76;

Upside – 12%

The tender offer is expected to be announced at the beginning of Q4 2016 and completed by the end of the quarter. Dividends will be distributed for record holders as of 30th of September 2016.

JAKKS Pacific – Odd Lot Tender Offer – $184 Gain

Current Price – $1.6

Offer Price – $1.75

Upside – 10.3% or $184 for Odd Lot holders

Expiration date – June 27, 2012

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

SEC Filling

Summary:

JAKKS Pacific, Inc., a Delaware corporation (“JAKKS,” “we” or “us”), is offering to purchase for cash

Hennessy Advisors (HNNA) – Odd Lot Tender – $43 guaranteed return

Current Price – $24.57;

Offer Price – $25;

Upside – 2% or $43 (for odd lot holders);

Expiration date –  18 Sep 2015;

SEC Filling

Summary:

Hennessy Advisors, Inc., a California corporation, invites its shareholders to tender up to $25.0 million in aggregate value of its Common Stock, no par value per share, for

H&R Block (HRB) – Odd Lot Tender Offer – $150 potential upside

Current Price – $35.42;

Offer Price – $32.25 – $37;

Upside – $150 or 4.5% (if the upper pricing limit is used);

Expiration date –  2 October 2015;

No proration for odd lot holders;

SEC Filling

Summary:

H&R Block invites its shareholders to tender some or all of their Shares for purchase by

Turkish Investment Fund (TKF) – Odd Lot Tender Offer – $163 Potential

Current Price – $13.25

Offer Price – $14.90 (based on latest NAV of $15.15)

Upside – 12.5% or $163 for Odd Lot holders

Expiration date – July 10, 2012

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

SEC Filling

Summary:

The Turkish Investment Fund, Inc. (the “Fund”) is offering to purchase

SunLink Health Systems – Odd Lot Tender Offer – $133 Gain

Current Price – $1.17

Offer Price – $1.5/share + $100

Upside – 28% or $33 for Odd Lot holders

Expiration date – Mar 12, 2013

Odd Lot holders (less than 100 shares) are not subject to proration. Had to be shareholder of record as of 31ts Jan 2013.

SEC Filling

Summary:

is offering to

WebMD (WBMD) – Odd Lot Tender Offer – $54 Potential

Current Price – $47.95

Offer Price – $48.50

Upside – 1.1% or $54 for Odd Lot holders (if provision is included)

Expiration date – 9 September 2014

Previous tenders of WBMD had provision that odd lot holders (less than 100 shares) are not subject to proration

SEC Filling

Summary:

WebMD Health Corp. (Nasdaq: WBMD) announced

Handy & Harman (HNH) – Odd Lot Tender Offer – no upside currently

Current Price – $26.19

Offer Price – $26.00

Upside – no upside currently

Expiration date – 5 September 2014

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

SEC Filling

Summary:

Handy & Harman Ltd., a Delaware corporation is offering to purchase for cash, up to $60 million in value of shares of

Farmers National Banc Corp (FMNB) – Odd Lot Tender Offer – $22 Gain

Current Price – $7.46

Offer Price – $7.68

Upside – 3% or $22

Expiration date – 30 September 2014 (extended on 29 August)

The offer is only for Odd lot holders

SEC Filling

Summary:

Farmers National Banc Corp., (NASDAQ: FMNB) Canfield, Ohio, announced today that its Board of Directors has approved a voluntary odd-lot buy

Theravance (THRX) – Odd Lot Tender Offer – $40 potential upside

Current Price – $8.85;

Offer Price – $8.5 – $9.25;

Upside – $40 or 4.5% (if the upper pricing limit is used);

Expiration date –  1 December 2015;

No proration for odd lot holders;

SEC Filling

Summary:

We are conducting this Offer through a procedure commonly called a “modified Dutch auction.” This procedure allows

MAM Software (MAMS) – Odd Lot Tender Offer – $50 or 7% gain

Current Price – $7;

Offer Price – $7.5;

Upside – 7% or $50 (for odd lot holders);

Expiration date –  1 Dec 2015;

Press release

Summary:

Hennessy Advisors, Inc., a California corporation, invites its shareholders to tender up to $25.0 million in aggregate value of its Common Stock, no par value per share, for

GE/SYF Exchange transaction update – $200 return

Quick update: Exchange ratio risk has been almost eliminated and this starts to look like a standard Odd Lot tender offer (besides having to short SYF) with guaranteed $200 return. The main risk remaining is that transaction will be cancelled due to low participation (I consider this unlikely). As per filling “The minimum condition provides that

NCR Corporation (NCR) – Odd Lot Tender Offer – $250 upside

Current Price – $27;

Offer Price – $26 – $29.5;

Upside – $250 or 9% (if the upper pricing limit is used);

Expiration date –  11 December 2015;

No proration for odd lot holders;

SEC Filling

Summary:

NCR Corporation, a Maryland corporation invites our shareholders to tender shares of our common stock, par value $0.01

Fly Leasing (FLY) – Expected Dutch Tender Offer

This is a possibility to start position before the tender offer details are revealed.

Fly Leasing announced last week, that the company will start Dutch tender offer for $75m. No further details on pricing or timing have been announced yet (expected early this week).

From historical experience, these Dutch tenders tend to have odd-lot provision

GP Strategies (GPX) – Odd Lot Tender Offer – $151 potential

Current Price – $27.47

Offer Price – $26 – $29

Upside – 5.5% or $151 (if the upper pricing limit is used)

Expiration date – 29 September 2014

SEC Filling

Summary:

GP Strategies Corporation, a Delaware corporation, invites our stockholders to tender up to $80 million in value of shares of our common stock,

Qiwi PLC (QIWI) – Tender Offer – 13% upside

Current Price – $24.28

Acquisition Price – $28

Upside – 13%

Expiration Date –  TBD

Otkritie Holdings announced intention to commence tender offer to purchase additional 45%-55% of class B shares of QIWI at $28/share., which is 13% premium to the current price.

Copart (CPRT) – Odd Lot Tender Offer – $200 potential upside

Current Price – $39.05

Offer Price – $38 – $41

Upside – 5% or $200 (if the upper pricing limit is used)

Expiration date –  23 December 2015

SEC Filling

Summary:

Copart, Inc., is offering to purchase up to 7,317,073 shares of our common stock, $0.0001 par value, at a purchase price not greater than