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Mini-Tender Offer

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Mini-Tender Offer
A tender offer for less than 5% of shares outstanding. A tender offer is an offer to buy a significant amount of stock in a publicly-traded company directly from shareholders, an act that bypasses the board of directors. A tender offer may be part of a hostile takeover and therefore any offer exceeding 5% of the company's shares must be registered with the SEC and submitted to oversight. A mini-tender offer avoids this requirement, which can be detrimental to shareholders, as the SEC does not have the ability to protect their rights.
mini-tender offer
An offer to purchase less than 5% of a company's stock. Investors are at greater danger in a mini-tender offer because it is not subject to many of the SEC disclosure and procedural protections that apply to traditional tender offers. For example, tendering shares in a mini-tender offer generally means an investor cannot change his or her mind even though the tender has not closed.
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Valero recommends that stockholders do not tender their shares of Valero stock in response to TRC's unsolicited mini-tender offer because the offer price is below the current market price of Valero's common stock.
Valero Energy Corporation Recommends Rejection of Below-Market-Price ... by Business Wire
Limited partners should be aware that many of the SEC's tender offer rules designed to protect investors do not apply to mini-tender offers.
Northland Cable Properties Eight Limited Partnership Response to ... by Business Wire
Limited partners should be aware that many of the SEC's tender offer rules designed to protect investors do not apply to mini-tender offers.
Northland Cable Properties Seven Limited Partnership Response to ... by Business Wire
 
 
 
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