The tender offer has been oversubscribed and as a result the company prorated the buyout to all tendered shares, so each investor who tendered their shares sold a prorated 37.5% of tendered quantity. They have purchase 37.5% of my shares at the minimum auction price of $22.
Lesson for tender offers: always trade in odd lot quantities, i.e, less than 99 shares. This way your are guaranteed to get bought out by the company. You can buy different odd lot quantities in different accounts in your kids, spouse..etc name and tender it that way. In the future I will always by an odd lot quantity to participate in this type of trade. I have not bet any significant amount on the position and I will never do for these type of special situations and I do not advise of risking more than 1% of the portfolio on such trade as the upside is limited while the downside can be significant.
Currently I am waiting for an opportune time to sell the remaining shares and close my position in United rentals. It will be at loss of about 14% if I sell now.