Churchill Downs (CHDN) Tender Offer (up to $1,200 gain)

Company: Churchill Downs
Ticker: CHDN
Market Cap: $3.8bn
Size of Action: $500mm
Type of Transaction: dutch tender offer
Current Price: $252.50
Tender Price: $230.00-$265.00
Potential Gain (%): 4.9%
Expiration: February 7th
Tender Limit (Shares): 99
Max Investment ($): ~$25,000
Max Gain ($): ~$1,200
Link: Filing
Summary: Churchill Downs has issued a dutch tender offer for $550mm between a price of $230 to $265 per share. The offer could end up being oversubscribed which would lower the tender price.
Odd Lot Provision: ...First, we will purchase all odd lots of less than 100 Shares from shareholders who properly tender all of their Shares at or below the Purchase Price and who do not properly withdraw them before the Expiration Date (tenders of less than all of the Shares owned, beneficially or of record, by any such Odd Lot Holder will not qualify for this preference) (the “Preferred Odd Lots”);...
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