TWDC have agreed to pay transaction fees up to the value of €100 / US$111 per trade so that will more than cover the brokers transaction fees.
The Tender offer stipulates the following:
"3.9 Remuneration of Brokers – Assumption of Costs
EDL Holding will reimburse the trading fees (brokerage fees and corresponding VAT) incurred by the
selling shareholders of shares tendered in the Semi-Centralized Procedure up to (i) in the case of
orders to tender shares for an aggregate purchase price of €3,333 or less, €10 per transaction and (ii) in
the case of orders to tender shares for an aggregate purchase price in excess of €3,333, 0.30% of such
purchase price, subject to a cap of €100 per transaction; it being specified however that, if the Offer is
annulled for any reason, the shareholders of the Company may not seek any reimbursement of these
trading fees from the Bidders.
Only shareholders whose shares are registered in an account on the day preceding the opening of the
Offer may receive reimbursement from the Bidders for these trading fees.
The requests for reimbursement of the fees mentioned above will be accepted and processed by the
financial intermediaries for a period of 25 business days from the last day on which the Offer is open."
Since
@mikelan6 owns only 20 shares, the aggregate purchase price would be 40 € and therefore fall unter (i) of the above. He would only get a refund of 10 €. The 100 € only applies to people selling 16667 shares or more according to my calculation.