Tender offer

An offer to security holders to tender some or all of their securities for stated consideration during a specified period, subject to stated conditions. Tender offers can involve shares or debt and are not limited to taking public companies private.

Tender offer in round numbers

Hypothetical: a bidder offers US$50 per share to shareholders during a stated offer period, subject to a minimum acceptance condition and other disclosed conditions. Purchases proceed only if the applicable conditions are satisfied or validly waived. Tendering shares does not by itself guarantee delisting or compulsory acquisition of the remaining shares.

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