Definition
Broker instructions are the formal direction a beneficial owner gives to their broker about whether to tender shares held in street name. The broker is the record holder and acts only on the beneficial owner’s instruction.
How to give them
Most modern brokers offer:
- Online tender / withdraw forms in the account interface
- Automated phone systems for tender elections
- Customer-service-assisted tender for complex situations
Cutoff timing
Critical: broker cutoffs are typically several hours (sometimes a full business day) before the formal offer expiration. Missing the broker cutoff means you can’t tender even if the offer is technically still open.
Default elections
Some brokers default unaccepted instructions to “do not tender.” Holders should affirmatively confirm their election via their broker’s interface.