Numerous press reports indicate that Quick&Reilly Group (BQR) have retained investment banking advisors to market the company. Likely candidates mentioned have been Southeast bank groups (BQR is headquartered in Florida). A deal price of $1.5 billion seems conservative, given BQR's profit margins and lack of debt. This would translate into a share price of at least $40. Stock closed today at $31.69
BQR stock closed today at 35 1/16. My investment club owns this stock (my recommendation). We are pretty new and I'm wondering what happens if they do get bought out...will our stocks be converted to the new company if we hold on? How do tender offers work? I guess I was surprised that BQR is putting itself on the block, but I can see how the Quick family stands to make some serious bucks since they are the major stockholders.
If Quick & Reilly is acquired for cash, you would receive a check for your shares once they have been tendered. A tender offer will be sent to you, if you are the registered shareholder, or to your broker if you are holding the shares in street name. If the purchase is made with stock, the same procedure is followed, but instead of a check, you receive shares of the acquiring company.
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