Anybody else need some cheeseburger money for the holidays? Here's a quick odd lot for you. Odd lot for this one is the standard 99 shares. Range is $46- $53 and stock is just below the bottom end of the range. Tender expires a week from today, on December 9th.
The company is buying $350m of stock and insiders are not participating. Company has pre IPO shares that are convertible so there's a wide range of the % buyback but assuming management doesn't participate, this is a 9.6%-11% buyback
The tender was announced on 11/10/21 and the stock was trading at just over $49 the day before. They also announced a special dividend of $3/share that went ex-dividend on 11/23/21. Given the de minimis premium, there's an argument towards sizing up a bit rather than just doing the odd lot but I'm sticking with the odd lot. The stock bounces around quite a bit so there's a reasonable chance you can put this on at the low end of the range and end up selling rather than tendering but we'll see how things play out.