thanks longx, that article is very helpful in understanding the mechanics of a tender offer.
My broker gave me the number of an info line that was setup for the OCRX offer: 1-800-341-6292.
I called and they explained the following options available:
Option 1) the shareholder accepts the tender offer before the deadline:
The deadline is December 8 at 11:59pm. The date might vary across different brokerage firms. Once the sale is finalized, the shareholder effectively sells all of their shares and receives $1.52 per share in cash and 1 CVR per share. If the sale isn't approved/finalized, the offer is cancelled and the shareholder will keep their OCRX shares.
Option 2) the shareholder doesn't accept the tender offer before the deadline:
The shareholder keeps their OCRX shares. If the sale is approved/finalized, the shares are cancelled and the shareholder automatically receives $1.52 per share in cash and 1 CVR per share. If the sale isn't approved/finalized, the offer is cancelled and the shareholder continues to keep their shares.
Basically, this is a way for shareholders to 'vote' on the sale by either accepting the tender offer or not. If enough shares are sold to meet the minimum required for the sale to go thru, then all shares are cancelled and every shareholder receives the $1.52 and 1 CVR per share. If not enough shares are sold then the offer is cancelled. At that point there might be new offers from the same or other companies, or there is no new offer and the shares continue to trade as they normally would.
Based on all of this I'm leaning to holding my shares and wait to see what happens.
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