Replies to post #171767 on Biotech Values

[mouton29]

<<However, the consummation of the "squeeze-out" merger can be delayed relative to the initial tender-offer period (with some variability in the squeeze-out process from state to state). We've all seen cases where a tender offer was extended one or more times. >>

No doubt tender offers are extended from time to time and the price may even be increased, but what I haven't checked is whether delaying tendering has an effect. That is, when do you normally get paid if you tender early? Does the tendering party ever accept and pay for shares all at once, or from time to time? For BMY-AMLN, payment was on the effective date of the tender, and I had thought that was normal::


From the BMY offer to purchase, http://www.sec.gov/Archives/edgar/data/14272/000119312512298160/d376793dex99a1a.htm#exa1a376793_5:

Upon the terms and subject to the conditions of the Offer (including, if the Offer is extended or amended, the terms and conditions of any such extension or amendment) and the satisfaction or earlier waiver of all the Offer Conditions set forth in Section 15—“Certain Conditions of the Offer,” Purchaser will accept for payment and will pay for all Shares validly tendered and not validly withdrawn prior to the Expiration Date pursuant to the Offer promptly after the Expiration Date.