Definition
A tender offer is oversubscribed when total tendered shares exceed the program’s available size.
Why it matters
Allocation is then almost always handled pro-rata — every electing seller’s tendered shares are scaled by the same factor.
When eligible sellers tender more shares in aggregate than the program is sized to buy.
A tender offer is oversubscribed when total tendered shares exceed the program’s available size.
Allocation is then almost always handled pro-rata — every electing seller’s tendered shares are scaled by the same factor.