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Mannatech, a multi-level-marketing company, tends to announce a large tender offer before its annual June shareholders’ meeting;
A new large tender offer may be launched shortly;
Last year’s tender also included an odd-lot provision;
Management now owns 50% of shares outstanding and is unlikely to tender;
Despite MTEX being undervalued vs. peers, the MLM industry is in sell-off mode, and if a tender offer is not announced, the real downside is hard to estimate.