What is odd lot buyback of shares?

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.