Some offers include a clause exempting holders of less than a round lot — almost always 100 shares — from proration. The small holder can sell 100% at the offer price while large holders place only a fraction.
The most accessible situation for a small account: small tickets, a short horizon, and an explicit edge institutions cannot use.
Live deals are shown with your account, according to your plan.
The mechanics, step by step.
Step 1
The offer publishes an odd-lot clause with its threshold, almost always 100 shares.
Step 2
You buy just under that threshold, in a single account.
A buyback offer at €30.00 exempts holders of fewer than 100 shares from proration. The stock trades at €28.50.
Small in euros, but highly likely and within weeks: with no proration, every share is bought.
Hypothetical figures to explain the mechanics. Not a real case and not a recommendation.
Step 3
You tender, expressly claiming the exemption.
Step 4
You are accepted in full while everyone else is prorated.