Advanced Emissions Solutions (ADES) Odd-Lot Tender

Company: Advanced Emissions Solutions
Ticker: ADES
Market Cap: $220mm
Size of Action: up to ~$10mm
Type of Transaction: Dutch Tender Offer with Odd-Lot Provision
Current Price: $9.85
Tender Price: $9.40 to $10.80
Potential Gain (%): ~10% (assuming upper limit)
Expiration: June 5th, 2017
Tender Limit (Shares): 99
Max Investment ($): ~$1,000
Max Gain ($): ~$95
Link: Filing
Summary: Advanced Emissions Solutions is offering to buy up to 925k of its shares at $9.40 to $10.80.
Odd Lot Provision: ...we will purchase all shares tendered at or below the purchase price on a pro rata basis, except for “odd lots” (lots held by owners of less than 100 shares), which we will purchase on a priority basis, ....
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