two-tier tender offer

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Two-Tier Tender Offer

A tender offer in which a buyer offers to buy enough shares to gain control of the company at a certain price, then offers to buy the remaining shares at a lower price. For example, a buyer may purchase 50% + 1 of a company at $20 per share and then offer to buy the rest of the company at $12 per share. See also: Blended price.

two-tier tender offer

An offer to purchase a sufficient number of stockholders' shares so as to gain effective control of a firm at a certain price per share, followed by a lower offer at a later date for the remaining shares. For example, an investor may offer $50 per share for up to 51% of a firm's outstanding stock and then, having gained control, offer $40 for each of the remaining shares. Compare any-and-all bid. See also appraisal right, back-end value, blended price, fair price amendment.
References in periodicals archive ?
The purpose of the Rights Agreement, as originally adopted in 1996, and as amended and restated by the Restatement in January 2003, was to protect ECHO stockholders in the event of an unsolicited attempt to acquire ECHO for an inadequate price and to protect against abusive practices that do not treat all ECHO stockholders equally, such as, among others, partial and two tier tender offers, coercive offers, and creeping stock accumulation programs, etc.