Acceptance ratio
Market basicsThe proportion of tendered shares a company actually accepts in a buyback.
In plain terms
This, not the premium, decides what you earn. A 20% premium at 15% acceptance is a 3% return.
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Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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Entitlement ratio
Market basicsIn a tender-route buyback, the number of shares a holder may tender for every so many held on the record date, stated separately for the reserved small-shareholder category and for everybody else.
In plain terms
It is not the acceptance ratio. The entitlement is what you are allowed to offer; the acceptance ratio is what is actually bought once every tender is counted. You may tender beyond your entitlement, but the excess is considered only after entitled tenders in your category have been dealt with.