OddLotArbitrage

Agree risk seems higher with this offer for all the reasons mentioned. We flagged the term that allows cancellation in the case of escalation of the war as particularly risky as this would indeed be a convenient clause to cite if they intended to cancel. Need to factor it all in your risk/reward calculation when deciding whether to proceed. It's far from a slamdunk.

@OddLotArbitrage thoughts on fake offer? x.com/InvestSpecial/…

Robin Energy Ltd $RBNE is offering to purchase its shares at $3 per share, with priority for odd lot holders. Price at yesterday's close was $1.79. Offer expires April 23rd. Small market cap and high offer premium to the pre announcement price often signals higher risk to the offer going through, but as RBNEs share price has come down and the offer nears expiry risk/reward is improving. There is elevated risk the company could amend or terminate the offer citing the conflict in Iran per offer conditions (section 6 in filing). Investors should ensure they are comfortable with these risks when deciding whether to participate. SEC filing can be found here sec.gov/Archives/edgar… More info on the filing and participating in odd lot tender offers can be found on our site at oddlotarbitrage.com/blog/2026/04/1…

@grok @shravanrayhaan well done Grok.

It's a classic odd-lot arbitrage setup with a fat premium: buy at ~$1.80 market, tender at $3.00 (67% upside) for odd-lot priority, expires April 23. Company has cash to fund the $3M max buyback, no min tender required, and it's signaling undervaluation amid their shipping ops and spin-off plans. That said, the filing's Section 6 conditions let them amend/terminate for material adverse events—including geopolitical stuff like the Iran situation (shipping/sanctions exposure). Small-cap volatility adds risk; if they pull it, you're left holding the bag. With a week left and no changes announced, the setup looks better than at launch, but size your position for the "what if they bail" scenario. Not advice—read the full Offer to Purchase on SEC.gov.

@ScrivCapital You probably need to wait for settlement before you can elect corporate actions.

@OddLotArbitrage Cheers. No CGT in New Zealand though. Picked up 99 YEXT shares at 5.3 today through IBKR, but was unable to tender them. Not sure if this is settlement related or IBKR policy on corporate actions?

New odd lot tender offer. Wix $WIX is offering to purchase its shares between $80 and $92 per share, with priority for odd lot holders. Price at Wednesday close was $89.91. Offer expires April 1st. Wix was trading above the top of the offer range at announcement date due to a strong move on earnings announced the prior day. Though still in the top end of the offer range this is one to watch as the falling price makes participation potentially more profitable, particularly should we see more downside market volatility from the evolving situation in the Middle East. SEC filing can be found here sec.gov/Archives/edgar… More info on the filing and participating in odd lot tender offers can be found on our site at oddlotarbitrage.com/blog/2026/03/1…

@ScrivCapital Not aware of anything unusual like Canadian offers with the withholding tax implications. Just your usual CGT.

@OddLotArbitrage Are they any tax implications you are aware of from participating in the tender offer? Cheers.

New odd lot tender offer. Docebo $DCBO is offering to purchase its shares at $20.40 per share, with priority for odd lot holders. Price at Friday close was $19.08. Offer expires March 10th. Docebo is a Canadian company with a US listing so the usual tax issues around Canadian offers apply. At these prices participation from accounts that aren't exempt from Canadian withholding tax is unlikely to be profitable. If in doubt seek tax advice. We are not tax experts. SEC filing can be found here sec.gov/Archives/edgar… More info on the filing and participating in odd lot tender offers can be found on our site at oddlotarbitrage.com/blog/2026/02/0…

@Lordvultures @chocoinvest0r The offer completed and the odd lot priority was applied, see Lennar's press release: prnewswire.com/news-releases/…

@chocoinvest0r @OddLotArbitrage Did the odd lot priority happen? Somehow I wasn’t given priority on my 99 shares and only a small portion was exchanged?

New odd lot tender offer. Lennar Corporation (LEN) is offering to exchange LEN shares for Millrose Properties (MRP) shares at a 6% discount for approx. 6.4% return on participation, with priority for odd lot holders. LEN closed at $127.34 yesterday. Offer expires November 7th. Exchange ratio will be based on market prices near the expiry date of the offer. One thing to watch is that the exchange ratio is capped at 4.1367, so if Lennar shares are trading at more than 4.1367x the price of Millrose shares when the expiry price is set participants may receive a lower value of Millrose shares than the value of the Lennar shares submitted to the offer. SEC filing can be found here sec.gov/ix?doc=/Archiv…. More info on the filing and participating in odd lot tender offers can be found on our site at oddlotarbitrage.com/blog/2025/10/2….

Holding in street name means the broker holds the shares in its own name for your benefit. You are right that the broker will hold more than the odd lot, how different intermediaries treat this in these situations can vary. IBKR generally handles corporate actions well, but they offer many different account types in many jurisdictions, can't speak to all cases.

@S_Williams_Jr @Klad_blok @OddLotArbitrage Hi, could you please kindly explain it to me? Very much appreciated. @S_Williams_Jr

Tile Shop Holdings ($TTSH) are planning to conduct a reverse split at a ratio between 1-for-2000 and 1-for-4000. Holders of fractional shares after the split will have their holdings cashed out at $6.60 per share. Price closed at $6.35 yesterday. Reverse split is subject to approval at a special shareholders meeting on December 3rd, with ratio to be chosen by the Board. Record date for eligibility for the reverse split can be set at any time, including immediately after, the shareholders' meeting on December 3rd. Participating positions will need to be settled in time. Ensure you are aware of how your broker or intermediary will treat shares held in "street name" for your beneficial ownership in such transactions if holding to participate in the reverse split. SEC filing: sec.gov/Archives/edgar… Shareholder meeting details: sec.gov/Archives/edgar… More info on the filing and participating in odd lot tender offers can be found on our site at oddlotarbitrage.com/blog/2025/11/2…

@antizykliker Yes you got it the small holders in street name are who they are trying to take out.

@OddLotArbitrage To answer my question: They explicitly want to get rid of holders in street name, because they could become record holders after a broker kick-out because after the delisting, the broker can't earn trading commissions from that stock, & then they would fall under SEC rules again.

The 3.8855 is the simple price ratio at Friday close pre 6% discount, post offer discount the corresponding exchange ratio would be around 4.1335. The resource linked is doing the calculation using the correct rolling 3 day volume weighted average price method, but the 3 day look back currently used there is not the 3 days that will determine the final exchange ratio, so they are both indicative numbers presently. Arguably the Friday close is the most current indicator we have of prices over the actual pricing period next week rather than the VWAP of Nov 12th, 13th & 14th. Useful resource to link though and thanks for the challenge & opportunity to clarify.

@OddLotArbitrage You can check the exchange ration here, on fridays closing it’s not 3,8855! envisionreports.com/lennarexchange…

With the government shutdown ended Lennar has maintained the current November 21st expiry date for their tender offer as of yesterday. Depending on broker participation deadlines Monday 17th will be the latest many will be able to buy shares in time to participate in the offer. The current price ratio based on Friday's closing price of $MRP to $LEN shares is 3.8855 pre discount, within the 4.1367 upper limit for the offer after applying the 6% purchase discount, but there is not much headroom. Price action before expiry determining the exchange ratio should be monitored for the upper limit coming in to effect, as this will affect returns from participation, and participation decisions should be made accordingly.

The offer deadline has been extended again, best to wait until the government shutdown is resolved and then evaluate whether the exchange ratio still makes participation profitable. Holders of anything from 1 - 99 shares will benefit from the odd lot priority, but transaction costs are more likely to outweigh the benefits of submitting smaller lot sizes.

@chocoinvest0r @OddLotArbitrage How do you see the situation today? I see profit. One question, do you know which is the mínimum buy shares to benefit from this odd lot?

Lennar offer expiry has been further extended from November 14th to November 21st due to the government shutdown. Lennar will update on November 14th if a further extension will be needed. Press release: investors.lennar.com/press-releases…

Lennar offer expiry has been extended by a week from November 7th to November 14th due to the government shutdown. Lennar will update on November 7th if a further extension will be needed. Press release: investors.lennar.com/press-releases…

My understanding is that there is still some work to be done by the SEC, so the ongoing government shutdown may yet cause some delay or disruption to completion of the Lennar offer. Lennar have stated they will announce by midnight Oct 31st if they have to delay or terminate the offer, so that information will be available in time before decisions have to be made on whether to participate. We will post any updates to the status of the offer here if and when they are announced.

@OddLotArbitrage What about SEC? Is 100% approved or not? @OddLotArbitrage

@peakybulls @mart_quique Yes the earlier you buy the longer you are bearing price risk for. We have more detail on the site. Will need to allow time for the purchase to settle and make brokers' submission deadlines though. Latest date to buy will be around Nov 3rd for most people (broker dependant).

@mart_quique @OddLotArbitrage You can still wait a little longer. Anyone who buys $LEN now bears the price risk until pricing three days before the end. If $LEN rises or $MRP falls, the effective deal advantage decreases or turns negative.

@daichovo Haven't got experience with tendering with RH, we'd suggest using Interactive Brokers as they let you participate in corporate actions on their platform.

@OddLotArbitrage I've tried contacting RH via chat for 2 weeks now to tender my WEX shares, any way to get through to them?

First odd lot tender offer of 2025, and it's a big one. Wex Inc (WEX) is offering to purchase its shares at a price between $148 and $170 per share, with priority for odd lot holders. Price at todays close was $157.72. Offer expires March 25. More info on the filing and participating in odd lot tender offers can be found on our site at oddlotarbitrage.com/blog/2025/02/2….