Tender offer


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Tender offer

General offer made publicly and directly to a firm's shareholders to buy their stock at a price well above the current value market price.

Tender Offer

An offer to buy some or most of the stock in a publicly-traded company directly from shareholders for a price well above fair market value. A tender offer may be made by the company's management in a bid to prevent a hostile takeover. Alternatively, it may be a made by an outside company as part of a hostile takeover. See also: Self-Tender Offer.

tender offer

An offer made directly to stockholders to purchase or trade for their securities. A tender offer often contains restrictions such as the minimum number of shares required to be tendered for the offer to be effective or the maximum number of tendered shares that will be accepted. A tender offer may be made by a firm to its own shareholders to reduce the number of outstanding shares, or it may be made by an outsider wishing to obtain control of the firm. Compare hostile tender offer. See also creeping tender offer, exclusionary tender offer, mini-tender offer, partial tender offer, self-tender, two-tier tender offer, Williams Act.

Tender offer.

When a corporation or other investor offers to buy a large portion of outstanding shares of another company, called the target company, at a price higher than the market price, it is called a tender offer.

The tender is usually part of a bid to take over the target company. Current stockholders, individually or as a group, can accept or reject the offer.

If the tender offer is successful and the corporation accumulates 5% or more of another company, it has to report its holdings to the Securities and Exchange Commission (SEC), the target company, and the exchange or market on which the target company's shares are traded.

References in periodicals archive ?
The tender offer will now expire at 11:00 am New York City time, on January 23, 2007, unless Open Solutions chooses to again extend or to terminate the tender offer as provided in the Offer to Purchase.
In each case, holders whose Notes are accepted for payment in the tender offers will receive accrued and unpaid interest in respect of such purchased Notes from the last interest payment date to, but not including, the payment date for Notes purchased in the tender offers.
The tender offers and consent solicitations relating to the Notes are being made upon the terms and conditions set forth in the Offer to Purchase and the related Consent and Letter of Transmittal, as heretofore amended and as amended hereby.
and Merrill Lynch, Pierce, Fenner & Smith Incorporated to act as the lead Dealer Managers and Solicitation Agents for the tender offers and consent solicitations, and they can be contacted at (877) 686-5059 (toll-free) ((212) 357-0775 (collect)) and (888) 654-8637 (toll-free) ((212) 449-4914 (collect)), respectively.
The tender offer described in this press release has not yet commenced, and this press release is neither an offer to purchase nor a solicitation of an offer to sell securities.
Each holder who validly tenders its Notes and delivers consents on or prior to 12:00 midnight, New York City time, on December 26, 2006 will be entitled to a consent payment, which is included in the total consideration above, of $30 for each $1,000 principal amount of Notes tendered by such holder if such Notes are accepted for purchase pursuant to the tender offer.
The proposed amendments to the indenture, other than the proposed amendments to the Reporting Provision and the Interest Rate Provision, will become effective upon execution and delivery of a Supplemental Indenture by the Company and the Trustee, but will not become operative until the Notes are accepted for payment by the Company pursuant to the tender offer and consent solicitation.
The consummation of the tender offer is conditioned upon, among other things, (i) the consummation of the previously announced acquisition (the "Acquisition") of Jacuzzi by affiliates of Apollo Management, L.
The tender offer is subject to several conditions, including, among other things, AGT's receipt of proceeds from a new issuance of debt securities or a new second lien credit facility, which proceeds must be sufficient (and, under the terms of the agreements governing AGT's indebtedness, are permitted to be used) to pay the aggregate total consideration and/or the purchase price for the Notes accepted in the tender offer; a minimum tender condition; receipt of the requisite consents and execution of a supplemental indenture and execution of an amendment terminating the registration rights agreement.
NewMarket will pay the total consideration or the tender offer consideration, as applicable, for the Notes accepted for purchase at the Final Acceptance Time on such date (the "Final Payment Date") promptly following the Final Acceptance Time.
For example, the ability of the parties to close the tender offer by the end of 2006 will depend on a number of factors outside the parties' control, including the satisfaction of closing conditions.
Elron has not yet had an opportunity to assess the tender offer and intends to convene a meeting of its Board of Directors for such purpose in the near future.