Yahoo/Alibaba Tender Offer (-3% to +10% Upside)

RESULT: Shares were purchased at $53.20 for 1.6% upside.
Company: Yahoo! Inc.
Ticker: YHOO , VWAP is based off BABA
Market Cap: ~$50bn
Size of Action: up to $3bn
Type of Transaction: Tender Offer with Odd-Lot provision
Current Price: $52.37
Tender Price: $50.73 - $57.58 (.37 to .42 times the BABA VWAP)
Potential Gain (%): -3% to +10%
Expiration: June 16th, 2017
Tender Limit (Shares): 99
Max Investment ($): ~$5,200
Max Gain ($): ~$515
Link: Latest Press Release (with Pricing)
Summary: Yahoo! Inc. is offering to buy up to $3mm of its shares at a price equal to the VWAP of Alibaba (BABA), which finalized at $137.10, times a multiple of .37 to .42 dutch-auction style. For example, if you choose to tender at .382 (which is "break even" at a $52.37 purchase price), if the multiple comes in at .382 or above you will tender at the designated multiple. If it comes in below, you will be left holding your Yahoo shares which you then will have to sell (if you wish to exit). If you do not wish to be opposed to any negative price action post the tender, you can tender at .370 for a maximum loss of 3%.
Odd Lot Provision: ...First, we will purchase all Shares tendered by any Odd Lot Holder...
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