Tropicana (TPCA) Odd Lot Offer with up to 3.7% Upside

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  • Company: Tropicana Entertainment Inc.
  • Ticker: TPCA
  • Market Cap: $1bn
  • Size of Action: ~$220mm
  • Type of Transaction: Tender Offer with Odd-Lot Provision
  • Current Price: $43.40
  • Tender Price: $38-$45
  • Potential Gain (%): up to 3.7%
  • Expiration: August 2, 2017
  • Tender Limit (Shares): 99
  • Max Investment ($): ~$4,300
  • Max Gain ($): ~$160
  • Link: Filing
  • Summary: Tropicana is offering to purchase up to 5.58mm of its shares between $38 to $45 per share. This tender offer is appears to be a step towards Carl Icahn taking full ownership of TPCA. Given the fact that there are only 6.7mm of shares not owned by Icahn, the offer is likely to be under subscribed and a $45 price is very likely.
  • Odd Lot Provision:   ...There is an odd-lot priority for owners of less than 100 shares....
  • 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.
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