Voluntary Tender Events

During a voluntary tender offer a customer will first be notified of this corporate event via email and given the choice to accept or deny the tender offer. For customer that take the tender offer the workflow will be as follows:

Create Contra CUSIP

DriveWealth will add a contra CUSIP to your instrument group

{
    "id": "event_fff7c841-911d-44d7-a53e-96974cfce3c1",
    "type": "instruments.created",
    "timestamp": "2019-08-21T16:22:17.985718395Z",
    "payload": {
        "instrumentID": "4869e1dd-ae2e-4432-bd7e-a5c35c9c2c75",
        "symbol": "002PON908",
        "name": "T - Contra Cusip",
        "status": "ACTIVE"
    }
}

Removing Shares From Tendered Symbol

Once the new contra CUSIP has been added to your instrument group, DriveWealth will then transfer shares to the new CUSIP for each client that has elected to take the offer.

{
    "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": 40,
            "openQty": 2,
            "symbol": "T",
            "avgPrice": 20
        },
        "current": {
            "costBasis": 0,
            "openQty": 0,
            "symbol": "T"
        }
    }
}

Tender Expires

Once the tender offer has expired, we will then remove the shares of the contra CUSIP, and add cash that was a result of the tender offer.

{
    "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": 0,
            "openQty": 0,
            "symbol": "002PON908"
        },
        "current": {
            "costBasis": 40,
            "openQty": 2,
            "symbol": "002PON908"
        }
    }
}