Tender Offers - US Archives - Page 2 of 8

Live and archived US tender offers with odd lot provisions. All figures quoted in US Dollars.

Max profit is based on market price and a holding of 99 shares if the offer hypothetically cleared at the upper limit price, before transaction fees. Actual clearing price may vary within the bands of the offer.

BALLY’S CORPORATION (BALY)

Filing date: 24 Jun 2022
Price at close: $20.61
Lower limit price: $19.25
Upper limit price: $22.00
Maximum profit: $137.61
Expiration date: 22 Jul 2022
Filing: Link

CUMULUS MEDIA INC. (CMLS)

Filing date: 06 May 2022
Price at close: $15.44
Lower limit price: $14.50
Upper limit price: $16.50
Maximum profit: $104.94
Expiration date: 03 Jun 2022
Filing: Link

HILLTOP HOLDINGS INC. (HTH)

Filing date: 02 May 2022
Price at close: $30.21
Lower limit price: $28.00
Upper limit price: $32.00
Maximum profit: $177.21
Expiration date: 27 May 2022
Filing: Link

TRINET GROUP, INC. (TNET)

Filing date: 17 Feb 2022
Price at close: $87.74
Lower limit price: $83.00
Upper limit price: $97.00
Maximum profit: $916.74
Expiration date: 17 Mar 2022
Filing: Link

Corcept Therapeutics Incorporated (CORT)

Amended Filing date: 08 Dec 2021
Original Filing date: 08 Nov 2021
Price at close: $18.23
Lower limit price: $20.75
Upper limit price: $23.75
Maximum profit: $546.48
Expiration date: 15 Dec 2021
Amended Filing: Link
Original Filing: Link

Possible opportunity as a result of today’s events in Corcept Therapeutics (CORT). CORT had an open odd lot tender that was not priced attractively at filing date due to expire today.

The stock is down 18% on the day on news that the company has received a subpoena from the U.S Attorney’s Office for the District of New Jersey “seeking information relating to the sale and promotion of Korlym, Corcept’s relationships with and payments to health care professionals who can prescribe or recommend Korlym and prior authorizations and reimbursement for Korlym”. They have filed an 8-K here. In a likely related move they have issued an amendment to the open offer extending the deadline to Dec 15th.

The stock now looks very attractively priced compared to the offer level for those who can move quickly, provided the offer remains unchanged.

Please be aware the company has moved to briefly extend the offer for now but with the situation evolving and the rapid impact on the stock price there is a risk of further amendments. It is not unknown for companies to reprice tender offers on the back of sharp downwards moves in stock price, which may reduce the price they end up offering.