Read up on TRC Capital outside the Intel tender. If Intel is above $23.75 on July 16th, TRC will withdraw their offer and not take your shares. Their offers only materialize if they can buy the shares below the trading price.
If you DO offer your shares, then you are obligating yourself to hold the Intel to the July 16th expiration. If Intel is below $23.75, you will keep your shares because TRC will withdraw. If Intel is above $23.75, you will have to tender your shares at below market price.
I am not sure why you would even think about tendering your shares if you wanted to exit your position. The TRC Capital Tender is really a method for THEM to create a 4,000,000 share FREE CALL OPTION. They pay $0 for the option to buy or not, your shares on July 16th for $23.75.
TRC Capital and the Mini-Tender Menace
By Roger Conrad on October 14, 2011
"TRC’s trademark strategy is to launch an unsolicited “mini-tender” offering to buy a small percentage of a company’s stock BELOW the market price. TRC then sells any shares tendered and pockets the difference. If the share price sinks below the offer price, TRC can walk away. In fact, it can legally keep investors from backing out, literally locking up their shares until it’s profitable to buy them out."