Marine Products Corp. (MPX) Tender Offer

Company: Marine Products Corp.
Ticker: MPX
Market Cap: $340mm
Size of Action: $29mm
Type of Transaction: Tender Offer with Odd-Lot Provision
Potential Gain (%): ~1% plus potentially more on a earnings beat (see below).
Expiration: Midnight November 1st, 2016
Tender Limit (Shares): 99
Max Investment ($): $880 per account
Max Gain ($): $8 per account
Sec Filing: Link
Summary: Marine Products is offering to buy 3.2mm shares for cash at a price of $9.00. As a potential bonus, MPX is expected to report Q3 earnings the last week of October. An earnings surprise or beat could drive the stock above the tender offer price while your downside is protected by the outstanding $9.00 tender offer.
Source of Funds: The company will use cash on hand to fully fund the tender offer.
Odd Lot Provision: ...“odd lot holders” who hold shares registered in their names and tender their shares directly to the Depositary and whose shares are purchased in the Offer will avoid any applicable odd lot discounts that might otherwise be payable on sales of their shares... so shares must be held in name and not through a broker, as most offers are.
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