Tender Offer

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.