Farmers Capital Bank Corporation Tender Offer

I was scanning some of the SEC feeds that I receive and this notice caught my eye.
[SEC Filing]
[Press Release]

"Farmers Capital Bank Corporation (Nasdaq: FFKT; "Farmers Capital") announced today the commencement of a modified "Dutch Auction" tender offer, approved by its Board of Directors, to repurchase up to 550,000 shares of its common stock (representing approximately 6.97% of its outstanding common stock) at a price not greater than $35.00 and not less than $31.00 per share. ... The tender offer is expected to commence on July 19, 2007 and to expire, unless extended, at 12:01 a.m. (Eastern Daylight Savings Time) on August 16, 2007."

With shares available for approximately $29.90, this deal offers a return of 3.7-17.1% for an approximately 3 week holding period. Since this offer includes an odd-lot preference I purchased 99 shares today and immediately tendered them. This kind of arb provides some stability in today's volatile markets, although I did leave some money on the table with the EXPE deal ($29 tender price, exited for $27.70).