Procter & Gamble (PG) Odd-Lot Exchange Offer ($650 Profit)

Company: The Procter & Gamble Company
Ticker: PG
Market Cap: $235bn
Size of Action: $10bn
Type of Transaction: "Split-Off" Exchange Offer & Reverse Morris Trust Transaction
Potential Gain (%): 7.5%
Expiration: Midnight Sept. 29, 2016
Tender Limit (Shares): 99
Max Investment ($): ~$8,700
Max Gain ($): ~$650
Sec Filing: Prospectus , Status Page with Upper Limit Information
Summary: Similar to the Lockheed-Martin situation, Procter & Gamble will be spinning off a division which then will be immediately purchased by Coty Inc. (COTY) through a "Reverse Morris Trust" transaction. Owners of PG can exchange their shares for shares of COTY at a 7.5% discount (subject to the upper limit). You will then need to sell your shares of COTY for cash once the exchange is complete.
Odd Lot Provision: ...except for "odd lots" (lots held by owners of fewer than 100 shares), which we will purchase on a priority basis.....
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