In a
two-tier tender offer, the
price paid to
shareholders after the
buyer already has control of the company. A two-tier tender offer is an offer to
buy a company in which the 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. In this case, the back-end value is the $12 per share offer. See also:
Blended price.