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 Stockholder Rights Plan guards against partial or two-tier tender offers, coercive stock accumulation programs, and other tactics that may be used to gain control of CEL-SCI without offering a fair price to all stockholders.
Baker said the plan is designed to ensure that all Biomira shareholders receive fair and equal treatment, and to guard against partial or two-tier tender offers and other tactics to gain control of the company without treating all shareholders fairly.