Steel Partners Holdings L.P (SPLP) Tender Offer with Odd-Lot Provision


  • Company: Steel Partners Holdings L.P
  • Ticker: SPLP
  • Market Cap: $522mm
  • Size of Action: $49mm
  • Type of Transaction:  modified “Dutch Auction” tender offer
  • Current Price: $16.97
  • Exchange Price: $16.50-$17.50
  • Potential Gain (%): -3% to 3%
  • Expiration: 5pm April 23, 2014
  • Tender Limit (Shares): 99
  • Max Investment ($): ~$1,680
  • Max Gain ($): ~$50
  • Sec Filing: Link
  • Summary: Steel Partners Holdings L.P. (NYSE: SPLP) (“SPLP” or the “Company”), a global diversified holding company, today announced that its Board of Directors has authorized a modified “Dutch Auction” tender offer (the “Offer”) to purchase for cash up to $49 million in value of its common units, no par value, at a price per unit of not less than $16.50 nor greater than $17.50 per unit.  The closing price of SPLP’s common units on March 21, 2014 was $15.71.
    The Company intends to commence the Offer on March 25, 2014 and expects the Offer will expire at 5:00 P.M., Eastern Time, on April 23, 2014, unless extended or withdrawn.  Units must be tendered prior to the expiration of the Offer, and existing tenders of units may be withdrawn at any time prior to the expiration of the Offer.  Withdrawn units will be returned to their holders in accordance with the terms of the Offer.  The Offer will not be conditioned on any minimum number of units being tendered.  However, the Offer will be subject to certain customary conditions.
  • Odd Lots: ...If more than the maximum number of units sought is tendered, the tendered units will be purchased first, from all holders of “small lots” of less than 100 units and second, from all other unitholders on a pro rata basis...
  • All information contained on or available through this Web Site (“the Content”) is for general information purposes only and does not constitute any investment advice.
  • RESULT: $49mm total at $16.50 per share
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