Just received tender material from RBC
it says that the offer expires October 2nd and that they have to be informed of your intentions by September 27th. I do not plan on informing them of my intentions till Sept. 26th/ 27th. Woodbridge (the holding company that the Thompson family controls TRI through ) has indicated the they will tender around 1/3 of their holdings so that they can maitain the same controling interest in TRI after the tender. If the stock is selling around current price (44 US) I will probably tender all my shares at a price of close to $47/ share. My thinking is that in these type of auctions, considerable shares other than Woodbridges holdings will not be tendered as some institutions may chose not to and with many individual investors, they will chose not to or not be overly aware. As such, I expect that more than 1/3 of my shares will get taken up if my price point works out. I expect to buy these shares back in the near future at a lower price than what I tendered at.
If I get it wrong, I am prepared to keep holding my current position or portion of it (5500 shares) and keep collecting the dividends or if all my shares get taken and TRI trades higher, I am prepared to invest the proceeds elsewhere.
JMO - Would have preffered at straight tender offer where they buy 1/3 of outstanding shares at a fixed price but thats not what they are doing.
JMO