RE:Unusual Trading ActivityTheRock077 wrote: So, why is someone selling nearly $2 below the buyback price ?
Because the tender offer is likely to be significantly oversubscribed.
They are buying back 4 million shares.
There are two shareholders that together own 6 million shares.
If they tender their shares, which is likely, you'll only get a prorated number of shares sold at $6.50.
When the tender offer documents are available, check to see what they say about significant shareholders. They usually disclose if the major shareholder do not plan to tender. If nothing is said, I assume they will.
This stock is also incredibly illiquid. That means it's an opportunity for these two shareholders to sell, which is almost impossible for them in the open market.
If you believe that these shareholders will not tender their shares, it's a different story.