Users are notified of tender offers via email and given the option to either accept or decline. For those who choose to accept, the following sequence of events is expected to occur:
Create a Contra Symbol
A new contra symbol is created to track the tendered shares separately.
{
"id": "event_a3a72763-d9b6-41a5-bba8-7679a639cd55",
"type": "instruments.created",
"timestamp": "2025-04-18T03:45:03.906575628Z",
"payload": {
"instrumentID": "c856aba9-eb88-4c37-8c52-70ab76b6b650",
"symbol": "L00990017",
"name": "CONTRA ADECOAGRO S A RR",
"status": "INACTIVE",
"enableExtendedHoursNotionalStatus": "INACTIVE",
"overnightTradingStatus": "INACTIVE"
}
}
Remove Tendered Shares
The tendered shares are removed from client accounts to prevent them from being sold during the offer period.
{
"id": "event_e272df07-c42e-49f0-b699-5c56bb0c1fac",
"type": "positions.updated",
"timestamp": "2025-04-18T03:46:27.936119552Z",
"payload": {
"accountID": "105c1c42-fcec-4524-bee0-fb1b59959b2a.1666188871816",
"accountNo": "MIWM000058",
"userID": "105c1c42-fcec-4524-bee0-fb1b59959b2a",
"updateReason": "MANUAL",
"previous": {
"costBasis": 22.02,
"openQty": 2,
"symbol": "AGRO",
"avgPrice": 11.01
},
"current": {
"costBasis": 0,
"openQty": 0,
"symbol": "AGRO"
}
}
}
Add Contra Shares
Users receive contra shares equal to the quantity of tendered shares which serve as a placeholder for the duration of the offer period.
{
"id": "event_d00f8ef5-cf33-4b79-a8ac-29f4150345b4",
"type": "positions.updated",
"timestamp": "2025-04-18T03:46:53.896485805Z",
"payload": {
"accountID": "105c1c42-fcec-4524-bee0-fb1b59959b2a.1666188871816",
"accountNo": "RCHM000058",
"userID": "105c1c42-fcec-4524-bee0-fb1b59959b2a",
"updateReason": "MANUAL",
"previous": {
"costBasis": 0,
"openQty": 0,
"symbol": "L00990017"
},
"current": {
"costBasis": 22.02,
"openQty": 2,
"symbol": "L00990017",
"avgPrice": 11.01
}
}
}
Remove Contra Shares
At the end of the offer period, the contra shares are removed from client accounts.
{
"id": "event_c9b6172d-f038-4430-935e-4efe7a9f0814",
"type": "positions.updated",
"timestamp": "2025-04-30T03:43:05.752581998Z",
"payload": {
"accountID": "105c1c42-fcec-4524-bee0-fb1b59959b2a.1666188871816",
"accountNo": "MIWM000058",
"userID": "105c1c42-fcec-4524-bee0-fb1b59959b2a",
"updateReason": "MANUAL",
"previous": {
"costBasis": 22.02,
"openQty": 2,
"symbol": "L00990017",
"avgPrice": 11.01
},
"current": {
"costBasis": 0,
"openQty": 0,
"symbol": "L00990017"
}
}
}
Reinstate Tendered Shares
The original position is reinstated in client accounts to complete the transaction.
{
"id": "event_ca39f2ca-cb29-49f0-ac8e-0cade592f034",
"type": "positions.updated",
"timestamp": "2025-04-30T03:43:24.248040392Z",
"payload": {
"accountID": "105c1c42-fcec-4524-bee0-fb1b59959b2a.1666188871816",
"accountNo": "EMDM000058",
"userID": "105c1c42-fcec-4524-bee0-fb1b59959b2a",
"updateReason": "MANUAL",
"previous": {
"costBasis": 0,
"openQty": 0,
"symbol": "AGRO"
},
"current": {
"costBasis": 22.02,
"openQty": 2,
"symbol": "AGRO",
"avgPrice": 11.01
}
}
}
Remove Tendered Shares and Add Cash
Users receive cash in exchange for their tendered shares which triggers an orders event.
{
"id": "event_06b6e5ff-a014-4671-91eb-153eafb37375",
"type": "orders.completed",
"timestamp": "2025-04-30T04:56:13.931664603Z",
"payload": {
"id": "MD.90d80412-94de-40fc-b984-941c0859c541",
"orderNo": "MDIK139315",
"type": "MARKET",
"side": "SELL",
"status": "FILLED",
"symbol": "AGRO",
"averagePrice": 12.41,
"averagePriceRaw": 12.41,
"totalOrderAmount": 18.35,
"cumulativeQuantity": 1.4788247,
"quantity": 1.4788247,
"fees": 0,
"orderNotes": "INTE STOCK movement / adjustment tradeSidenull accno=MDIK139315 qty1=-1.4788247 price=12.41 grossAmt=-18.35 INTE#=3500196541.000000 symbol=AGRO INTEStatus=R descr=AGRO: Prorated Tender 0.73941235 Price $12.41 ACATSind=",
"createdBy": "195c1c42-fcec-4524-bee0-fb1b76959b2a",
"userID": "195c1c42-fcec-4524-bee0-fb1b59129b2a",
"accountID": "195c1c42-fcec-4524-bee0-fb1b59129b2a.1666188871816",
"accountNo": "MDIK139315",
"created": "2025-04-30T04:56:13.763Z",
"lastExecuted": "2025-04-30T04:56:13.759Z",
"extendedHours": false,
"preventQueuing": false,
"lastPrice": 12.41,
"lastShares": 1.4788247,
"lastMarket": "mpid"
}
}
If the conditions of a tender are not met or the offer is withdrawn, no cash will be paid out. The original shares will be reinstated in client accounts.