Jakks Pacific, Inc. Tender Offer Experiment
I did a little experiment with the Jakks Pacific, Inc. (Ticker: JAKK) tender
offer. I’ve always assumed that you can perform only one odd lot tender per
person regardless of how many accounts you may have. The tender offer
specifically spells this out. I tendered Jakks Pacific shares in multiple accounts
within the same brokerage firm as well as tendering the shares at a different
brokerage firm. I thought tendering within the same firm would not qualify me
for the odd lot priority since I would be over 99 shares (99 shares X 2). Yesterday,
I got credited for the amount of $20 X 99 shares in all of my accounts for
Jakks Pacific. Good to know next time when there is a tender offer with odd lot
priority.
posted by Money Turtle @ 2:13 PM
7 comments
7 Comments:
Hello - this is an interesting experiment, thanks for sharing the results. May I ask which brokers you used for the JAKK tenders? Thanks. Charlie
I used E*Trade, Fidelity and TD Ameritrade.
Have you tried this again since? Result?
I haven't tried this recently, but it appears that companies doing tenders are clamping down on people playing the odd lot game. Some will ensure and do check that you are not tendering in more than one account. I would be careful going forward.
When you say appears, where did you hear that from? Seems like a lot of work for companies to decipher street names under different brokers from the holders om the brokers books.
You should be fine if you play it with different brokerage accounts, but going with multiple accounts with the same broker will not work anymore (especially with TD Ameritrade).
So why did you stop ;)
Post a Comment
<< Home