The tender is an "offer" made by the company for a limited number of shares. Their first offer was $10, but before the offer period started they increased it to $11. If you wish to tender your shares to them for $11 you have a limited time to do so. They will pay you on a prorated basis depending on how many shares are tendered to them. i.e. if twice as many shares are tendered as are wanted, they will pay you for half the shares you tendered to them and you will keep the remaining shares. THIS IS NOT AN OFFER TO BUY ALL SHARES. The stock will continue trading as if the tender had not occurred but there will be fewer shares outstanding so the $earnings per share will be improved by the percentage of shares taken out of circulation. My advice? Hang on to your stock. I believe it is going higher if you are patient for a year or so. I'd say $15 or more. Only my opinion you understand. I own a boat load (72,000 shs) of it so I'm biased.