FBR & Co (FBRC) Tender Offer with 3.5% Upside

Company: FBR & Co
Ticker: FBRC
Market Cap: ~$302mm
Size of Action: ~$30mm
Type of Transaction: "dutch auction" tender offer
Current Price: $28.01
Tender Price: $28.00-$29.00
Potential Gain (%): ~0-3.5%
Expiration: Midnight, August 20th 2014
Tender Limit (Shares): 99
Max Investment ($): ~$2,800
Max Gain ($): ~$100
Sec Filing: Link, Link2
Summary: FBR & Co. (Nasdaq:FBRC) announced that it intends to commence a modified “Dutch auction” tender offer to purchase up to one million shares, or about 9.9%, of its outstanding common stock, at a price of not less than $28.00 and not more than $29.00 per share.
Odd Lots: "...subject to the conditions of the tender offer, including the provisions relating to proration, “odd lot” priority..."