Tender Offers

A tender offer is an open solicitation, either from a third-party or the issuer itself, to purchase a significant percentage of a company’s outstanding shares from existing shareholders, typically for cash. The key term here is “open solicitation,” meaning that terms of the offer are public information and must be reported to the SEC. We discuss tender offers at length in Chapter 13, but for purposes of precedent transactions analysis you should at least be aware of the types of filings that contain tender of