WTM tender

[roy]

WTM is taking in shares @ $500/share with odd lot priority. One can sink in $49500 into the offer. At current market prices, one can get ~300$s. The tender ends on March 22.

[roy]

bought today - will tender tomorrow. <1% but less than a month.

[akt]

Looks like you will get $1 in dividend on March 22 as the stock goes ex-div on March 22.

[madcap]

I don't think that is correct. The Offer to Purchase with respect to WTM's tender offer states that "[o]n February 23, 2012, the Board declared an annual dividend of $1.00 per Share, payable April 4, 2012, to shareholders of record as of March 26, 2012." The second amendment to the Schedule TO with respect to WTM's tender offer attempts to clarify which shareholders are entitled to receive the $1 dividend. It provides that "the date of acceptance for payment and payment for Shares pursuant to the Offer will be used to determine the Shares that participate in the Company’s dividend payable on April 4, 2012." The tender offer expires on March 22 at midnight and I suspect WTM is going to accept for payment all tendered shares on March 23. If that is the case, a tendering shareholder will not be a shareholder of record as of March 26 and will not be entitled to receive the $1 dividend.

[akt]

Looks like WTM can't alter the ex-dividend date per SEC rules.

From the SC TO-I:

Historically, dividends have been declared and paid on an annual basis. On February 23, 2012, the Board declared an annual dividend of $1.00 per Share, payable April 4, 2012, to shareholders of record as of March 26, 2012. There can be no assurance that we will pay a regular annual dividend in the future. The amount and timing of all future dividend payments is subject to the discretion of the Board and will depend upon business conditions, results of operations, the Company's financial condition and other factors.

Wikipedia defines ex-dividend date as follows:

United States

In the United States, the Securities and Exchange Commission stipulates that there are three days of settlement for stock trades.[3] The ex-dividend date is normally two business days (3 minus 1) before the record date. For the purpose of calculating an ex-dividend date, business days are days on which both the major stock exchanges and the banks in New York State are open.[4] Thus Columbus Day and Veterans Day are trading days, but not business days for calculating an ex-dividend date, since they are legal holidays and banks are not open.
If the record date is not a business day, then counting begins from the most recent business day instead of the actual record date.[5] For instance, if the record date is Sunday, then the ex-dividend date is the preceding Wednesday, not Thursday — assuming no intervening holidays.

So, ex-dividend date would be the 22nd. Since the tender offer doesnt expire till 22nd mid night, people who hold shares must get the dividend.