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Here Are The Dates You Need To Know For Tender Offers

May 16, 2021 11:05 PM ET2 Comments
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Just as we previously touched on, the dates you need to know of during a rights offering, we are taking a brief look at the dates you need to know for tender offers. Tender offers are basically the opposite of rights offerings. Instead of issuing new shares, a fund will be buying them back. We cover these topics and more at the CEF/ETF Income Laboratory regularly. For all of the CEF corporate news, consider giving us a try today!


1. Intent For Tender Offer

The first date to be aware of, one that isn't able to be predicted, is the initial announcement of intent for a tender offer. This comes before it is officially announced and is just an announcement that one is planned in the future.

2. Official Announcement Of Tender Offer

We then have the next date that we can look at. When they officially announce a tender offer. This can happen at any time after the first announcement of the intend for a tender offer.

3. Expiration Date of Offer

This is probably the most important date.

This is the date of when the tender offer will expire. This is important because this is the date that you will have to reach out to your broker and let them know what you want to do - and how much you want to try to participate. Brokers may have their own internal deadlines as well, and doing so after their deadline could result in not being able to participate or, in other words, on a "best-efforts basis." This date is usually a couple of days before the official expiration.

4. Date Of The NAV Calculation

This is another important date because this is what will determine what investors will be receiving in terms of NAV. It is usually a day or two after the expiration date. In investing, a lot can happen in a day or two so the longer this date is after the expiration (which is when you have to decide to participate or not) the more anxious one probably is. After the expiration, an investor is stuck with their decision. That's why it is usually quite soon after the expiration - a fund won't keep you in suspense.

5. Results Announced

This is usually another couple of days after the expiration date and the NAV calculation date. Again, a fund won't keep you in suspense knowing the results and announce fairly quickly.

6. Date Cash Is Credited

Finally, after all is said and done, this is when the cash hits your account from the tender. This is usually a few days after the results are announced. However, for PPR, it had taken 6 days after the results were announced. So it can be longer than just a few days. Unfortunately, that means days when money is sitting idle that you might otherwise want to be put to work.


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Stanford Chemist, Nick Ackerman, Juan de la Hoz and Dividend Seeker

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