Credit Acceptance Corp Tender Offer with Odd-Lot Provision

Company: Credit Acceptance Corp.
Ticker: CACC
Market Cap: $3.25B
Size of Action: ~2.8% of S/O or $85mm
Type of Transaction: Tender Offer with Odd-Lot Provision
Current Price: $138.80
Exchange Price: $133.35
Potential Gain (%): NA
Expiration: March 26, 2014 5pm EST
Tender Limit (Shares): 99
Max Investment ($): ~$13,741
Max Gain ($): NA
Sec Filing: Link
Summary: Credit Acceptance Corporation, a Michigan corporation (“CA,” “we” or “us”), is offering to purchase up to 637,420 shares of its common stock, par value $0.01 per share, at a price of $133.35 per share, net to the seller in cash, without interest, upon the terms and subject to the conditions set forth in this Offer to Purchase and the related Letter of Transmittal, which together, as they may be amended and supplemented from time to time, constitute the tender offer. Unless the context otherwise requires, all references to shares shall refer to the shares of common stock, par value $0.01 per share, of CA.
Odd Lots: ...first, from all holders of “odd lots” of less than 100 shares who properly tender all of their shares and do not properly withdraw them before the expiration date; ...
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