In an odd-lot tender offer ("Odd-lot Offer"), the offer to purchase is limited to security holders who own less
than 100 shares ("Odd-lot Holders"). The purpose of an Odd-lot Offer generally is to reduce the issuer's disproportionately high cost of servicing small shareholder accounts, and to enable such shareholders to dispose of their securities without incurring brokerage fees.
Because most stocks are sold in "blocks" of 100 shares (rarely more or fewer), a transaction of fewer than 100 shares is called an "odd lot". This can also be applied to trades that are not in strict multiples of 100 shares. The commission applied to such trades is often larger, or a greater percentage than for trades in 100 multiples.
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