Dutch auction clearing calculator: your bid, the clearing price and your shares
In a Dutch auction tender, one clearing price decides who is in. Enter your bid and the result to see your cash and your leftover shares.
How it works: in a Dutch auction tender, each holder names the lowest price they will take. The company finds the one price that buys the shares it wants. That is the clearing price. A bid at or below it is in. Every winning share is paid the clearing price, not the bid. A bid above it is out, and those shares stay with you. If too many shares are in, a proration factor trims each order. The offer papers set the real terms, so use your own numbers.
The bid is a floor, not a price
Bidding lower does not lower what you are paid. It only makes you more likely to be in. A higher bid risks being left out. The story of a bid that was not taken is the Dutch auction bid came back.
What is left in your account
The shares you still hold are the ones you never tendered, plus the ones not taken. They trade at the market price, which can sit under the clearing price. See the tender bought only some of my shares and the tender handed shares back.
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