H&R Block (HRB) Odd-Lot Auction Tender

Company: H&R Block
Ticker: HRB
Market Cap: $10bn
Size of Action: $1.5bn
Type of Transaction: Auction Tender Offer with Odd-Lot Provision
Current Price: $35.40
Exchange Price: $32.25-$37.00
Potential Gain (%): -8.9% - 4.5%
Expiration: 5pm October 2, 2015
Tender Limit (Shares): 99
Max Investment ($): $3,500
Max Gain ($): ~$160
Sec Filing: Link
Summary: H&R Block (HRB) is offering to buy up to $1.5mm between $32.25-$37.00.
Odd Lots: "...First, we will purchase all Odd Lots (as defined in Section 1) of less than 100 Shares at the Purchase Price from shareholders who validly tender all of their Shares at or below the Purchase Price (including Shares tendered by Purchase Price Tender) and who do not validly withdraw them before the Expiration Time (tenders of less than all of the Shares owned, beneficially or of record, by such Odd Lot Holder (as defined in Section 1) will not qualify for this preference)...."
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