Insperity (NSP) Tender Offer with Odd-Lot Provision (-8% to 6%)

Company: Insperity
Ticker: NSP
Market Cap: $1.1bn
Size of Action: <$125mm
Type of Transaction: Tender Offer with Odd-Lot Provision
Current Price: $47.07
Exchange Price: $43.50-$50.00 (completed at $47.50)
Potential Gain (%): -7.6% to 6.2%
Expiration: 5pm 1/7/16
Tender Limit (Shares): 99
Max Investment ($): $4,660
Max Gain ($): $290
Sec Filing: Link
Summary: Insperity (NSP) is offering to purchase up to $125mm of its shares between $43.50 to $50.00.
Odd Lot Provision: ...First, all shares owned in “odd lots” (less than 100 shares) that have been validly tendered at or below the Purchase Price (and not validly withdrawn) (tenders of less than all of the shares owned, beneficially or of record, by such “odd lot” shareholders will not qualify for this preference).....
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