Utah Medical Products ($UTMD) has extended its $75-per-share self-tender by almost three weeks, moving the expiration from October 7 to October 27. The company said the extension gives shareholders more time to decide and, specifically, lets them see UTMD’s third-quarter results before the tender closes. Those results are scheduled for October 22, five days before the new deadline.… Read More »
Arbutus Biopharma ($ABUS) completed its $230 million Dutch-auction tender at $5.00 per share, the bottom of its $5.00-to-$5.75 range. The offer was heavily oversubscribed. Ordinary shareholders who tendered at or below the clearing price had only about 55.6% of their shares accepted. Qualifying odd-lot holders were exempt from proration and had all of their properly tendered shares purchased.… Read More »
Another odd-lot tender has appeared. This one has excellent mechanics and rather less exciting math. Utah Medical Products, Inc. (NASDAQ: UTMD) announced that it intends to repurchase up to 650,000 shares at $75 per share, representing roughly 20% of the company’s outstanding stock. If the offer is oversubscribed, shareholders owning fewer than 100 shares who tender all of… Read More »
We recently wrote about odd-lot tenders for fun and profit: those peculiar corporate actions where owning 99 shares can sometimes put you ahead of investors who own 100, 1,000 or a million. The obvious next question is whether there are any actual opportunities to try it on. As of September 10, 2026, there are three live publicly traded… Read More »
There are not many situations in investing where owning 99 shares is demonstrably smarter than owning 100. Odd-lot tender offers are one of them. Every so often, a company decides to repurchase a large block of its own stock through a tender offer. If too many shareholders want to sell, everybody is normally prorated. But some offers contain… Read More »
When a company announces plans to buy back 10%, 15% or even more of its outstanding stock through a modified Dutch auction, investors should pay attention. That does not mean they should buy the stock. A large self-tender is one of the more consequential capital-allocation decisions a public company can make. Unlike an ordinary open-market repurchase authorization, which… Read More »