美股要约收购股的操作流程

WBMD 这家公司打算以55美金,回购200万股,现在的股价在52.68。

原则上,WBMD的股票是按比例回购,但是如果你拿的股份数少于100股的话,会全额回购。所以,有IB的同学,可以买99股WBMD。然后,IB 中的Message center 中的cooperation action 里会给你发条消息,问你参不参与交易。按说明,自己选好就行。当然,英文不好的同学就别参与了。

别的券商也可以做这笔交易,但是会收几十刀的手续费,还要打电话/邮件主动找他们联系。

交易在15号结束。15号之前买就行。有的券商最后一天不给tender,所以还是早点。按现在有4%的收益,年化接近100%。

公告见:
https://www.sec.gov/Archives/edgar/data/1326583/000119312516769691/d274112dex99a1a.htm

How many shares will the Company purchase in the Offer?
We will purchase up to 2,000,000 shares in the Offer (representing approximately 5.1% of our outstanding shares, including shares of unvested restricted stock), or if a lesser number of shares are properly tendered, all shares that are properly tendered and not properly withdrawn. If more than 2,000,000 shares are properly tendered, we will purchase all shares properly tendered on a pro rata basis, except for “odd lots” (lots held by owners of fewer than 100 shares), which we will purchase on a priority basis, and conditional tenders whose condition was not met, which we will not purchase (except as described in Section 6). We also expressly reserve the right to purchase additional shares, up to 2% of our outstanding shares (approximately 0.8 million shares, based on 39,181,219 shares of our common stock issued and outstanding as of November 10, 2016, including shares of unvested restricted stock), without extending the Offer, and could decide to purchase more shares, subject to applicable legal requirements. See Sections 1 and 7.

风险就是这条消息被2万个人以上知道。

这份要约的意思就是,如果你拿的股份超过100股,你就是按最后参与的股份数的比例来回购你手上的股票。但是,你手上的股份小于100股,有优先权,不用按比例,而是全额收购你手上的股份。

我说的20,000人是指,这家一共回购2百万股。如果,有2万个帐号,买了99股,那么,即使你拿了小于100股,也要在这20,000个帐号里,按比例收购你的股份。不过,一般情况下,不会有20,000帐号参与这个罢了。老外,个人炒股的本人来就少,这样看公告赚钱的,没多少人知道,而且也不是什么大钱,一年也没几次。你自己也碰到了,专业的broker 看了半天都没明白,别说一般的老百姓了。

最关键的,就是这句话:
lots held by owners of fewer than 100 shares, which we will purchase on a priority basis。

等公告看多少人参与了。如果小于20,000个帐号,就是等着收钱。如果大于20,000个帐号,那么就在买99股的那堆人中,按比例来。正常一周内,钱到帐。

更多港美股讨论去火门网(huomen.com)参与讨论

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