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.

— Also termed takeover offer; takeover bid. Cf. public-exchange offer under OFFER. [Cases: Securities Regulation 52.30–52.50. C.J.S. Securities Regulation §§ 121–122, 127–128, 131–138, 140–141.]

“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 § 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 52.30–52.50. C.J.S. Securities Regulation §§ 121–122, 127–128, 131–138, 140–141.]

creeping tender offer. See creeping acquisition under ACQUISITION.

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词条贡献者

译员黎川，在一家顶尖澳洲律师事务所的上海办公室担任全职法律翻译，专注翻译各种与澳大利亚业务有关的法律文件。