Tender proration calculator: the cash, and the shares handed back
When a tender is oversubscribed, the company takes only part of your order. Enter the factor and see the cash and the leftover shares.
How it works: in a tender offer the company says it will buy up to a set number of shares. If holders offer more than that, the company takes only a share of each person's order. That share is the proration factor. Whole shares only here. The cash is the shares taken times the tender price. The rest come back to you, and they are worth the market price, which may be lower. The tool shows both and what the gap cost.
Everyone gets the same slice
A 40% factor does not mean the company liked 40% of your shares. It means it took 40 of every 100 anyone offered. Tendering more does not change the slice. See the tender bought only some of my shares.
The shares that come back
The leftover shares did not get the tender price. They are priced by the market again. If the market is under the tender price, the gap is a loss against what a full fill would have paid. The longer story is the tender handed shares back. A tender can also be conditional, which is covered in the conditional tender sold none.
Follow along