During an involuntary tender offer the customer does not get to elect whether they accept or deny the tender offer. The following is the sequence of events that would follow an involuntary tender offer.
Symbol Goes Private
DriveWealth will modify the status of a symbol to move it from ACTIVE to INACTIVE
{
"id": "event_17913550-6db0-4086-9137-3fd728bd6821",
"type": "instruments.updated",
"timestamp": "2019-08-21T16:41:53.938331938Z",
"payload": {
"instrumentID": "26fa9515-d1c6-44ce-93b2-b94430451508",
"previous": {
"status": "ACTIVE"
},
"current": {
"status": "INACTIVE"
}
}
}
Removing Position from Account
Once the symbol has been modified to INACTIVE the position will be removed from the customers account, and cash as a result of the offer will be added.
{
"id": "event_5d5a4a88-fc05-4d53-b0bf-27801ef028c9",
"type": "positions.updated",
"timestamp": "2019-08-02T07:02:31.949597191Z",
"payload": {
"accountID": "0dd1b08f-3668-440a-be18-131443d85a47.1551208006668",
"accountNo": "DWUV000073",
"userID": "0dd1b08f-3668-440a-be18-131443d85a47",
"updateReason": "MERGER_AND_ACQUISITION",
"previous": {
"costBasis": 500,
"openQty": 2.07761987,
"symbol": "BKS",
"avgPrice": 240.66
},
"current": {
"costBasis": 0,
"openQty": 0,
"symbol": "BKS"
}
}
}
Finally
{
"id": "event_21b70415-e1bf-4df6-9e2b-a420647c93fd",
"type": "transactions.created",
"timestamp": "2019-08-02T07:02:31.963891677Z",
"payload": {
"accountID": "0dd1b08f-3668-440a-be18-131443d85a47.1551208006668",
"accountNo": "DWUV000073",
"userID": "0dd1b08f-3668-440a-be18-131443d85a47",
"transaction": {
"accountAmount": 872.6003454,
"accountBalance": 4488.8,
"comment": "Exchanged 2.07761987 shares of BKS for cash (merger/acquisition)",
"finTranID": "GH.356c7d5e-8671-42ed-8387-762960dc032e",
"wlpFinTranTypeID": "b9d3f58c-da1a-47de-af78-fe59401f396b",
"finTranTypeID": "MERGER_ACQUISITION",
"feeSec": 0,
"feeTaf": 0,
"feeBase": 0,
"feeXtraShares": 0,
"feeExchange": 0,
"positionDelta": -2.07761987,
"instrument": {
"id": "5b85fabb-d57c-44e6-a7f6-a3efc760226c",
"symbol": "BKS",
"name": "Barnes and Noble"
},
"mergerAcquisition": {
"type": "EXCHANGE_STOCK_CASH",
"acquirer": {
"id": "5b85fabb-d57c-44e6-a7f6-a3efc760226c",
"symbol": "BKS",
"name": "Barnes and Noble"
},
"acquiree": {
"id": "5b85fabb-d57c-44e6-a7f6-a3efc760226c",
"symbol": "BKS",
"name": "Barnes and Noble"
}
}
}
}
}