Recently bought an odd lot of ITW and recieved tender offer so I researched it. The terms Its a narket based price (no formula was given, presumably it's the closing price on the date the tender expires if you accept) . THERE IS A $2.50/PER SHARE ADMINISTRATIVE FEE CHARGED BY ITW IF YOU ACCEPT.. So if you have 50 sares the itw will charge you $125 to sell. PS you can sell the same 50 shares through your online stock account for the normal commission which is usually about $8.00 total. DO NOT PARTICIPATE IN THIS TENDER THERE IS NO PREMIUM YOU ARE BEING RIPPED OFF.