I talked to a broker at TD AMERITRADE yesterday. He said TD customers have until Thursday July 11 to accept the deal. I believe July 15 is when it happens? correct?
I also asked if you can accept now and withdraw at the last minute as someone here has suggested.
He advised against that. It sounds like once you accept tender you are done. Hesuugested waiting until Thursday the 11 to accept or not- that is much easier than trying to back out.
Just wanted to let everyone know what I heard because many things are being said.
Any questions you might want to talk to your trading company and find out what they are saying about this.
We can get screwed over this and the big boys make a big buck as always.
Last thing- I still think this whole thing is rigged and we wont go back over 10, until this is over in 2 weeks- my own opinion. I also think as some of you, that something else is going on and once this is done THEN we go up.
Just checked the tender offer. It specifically says the offer and the withdrawal rights expire at midnight on the evening of July 15. So the earlier deadline is set by Ameritrade for Ameritrade's own convenience. I doubt Ameritrade could refuse a withdrawal request if made before their tender submission deadline.
Think the key word is "accept". They need the 3 days for the trade to clear their books. Why they still need the 3 days in this day and age is beyond me as stocks can be cleard in miliseconds. Maybe an SEC rule.
Good info. I think according to the tender offer, tenders can be withdrawn up to the last minute. However, earlier cutoff times are probably set by the brokers to give them a time cushion for transmitting your instructions to the agent for the company (Cowen). Apparently, Ameritrade is being very cautious and using a 4 day cushion. Seems to me to be good advice to wait to tender rather than tender early and withdraw if desired.