Amgen outperformed greatly during its tender period, as the statistics said it should. Logic also dictates that a company that repurchases 10% of its shares in one fell swoop should perform well. Despite this no less than 3 analysts downgraded Amgen during the tender period. More remarkable, in addition to downgrades Amgen received other bad news during this period and still managed to outperform.
I sold my shares early but was able to profit off of the tender offer. I find it amazing what nonsense people trade off of, yet when there are situations like this where the odds clearly favor a trade they are largely ignored.