Evercore Holdings Inc (EVHO)

[fivexshot]

I've see it take place a few times over the past 25 years... It's weird in that:

The Market Makers yield (quit their resistance struggle with the spread), and basically roll over & allow (or place) the share price at the tender offer price. Usually within two (2) trading days the PPS is there, and then it just stays there until the deal is done.

Sweet as cherry pie when it happens.