TENDER OFFER

TENDER OFFER

tender offer. A public offer to buy a minimum number of shares directly from a corporation’s shareholders at a fixed price, usu. at a substantial premium over the market price, in an effort to take control of the corporation.

¡ª Also termed takeover offer; takeover bid. Cf. public-exchange offer under OFFER. [Cases: Securities Regulation 52.30¨C52.50. C.J.S. Securities Regulation ¡ì¡ì 121¨C122, 127¨C128, 131¨C138, 140¨C141.]

¡°Broadly speaking, a direct solicitation of a corporation’s stockholders to sell their shares to an acquirer is known as a tender offer (because the acquirer is asking the existing stockholders to tender their shares for sale).¡± Franklin A. Gevurtz, Corporation Law ¡ì 7.3, at 673 (2000).

cash tender offer. A tender offer in which the bidder offers to pay cash for the target’s shares, as opposed to offering other corporate shares in exchange. ? Most tender offers involve cash. [Cases: Securities Regulation 52.30¨C52.50. C.J.S. Securities Regulation ¡ì¡ì 121¨C122, 127¨C128, 131¨C138, 140¨C141.]

creeping tender offer. See creeping acquisition under ACQUISITION.


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