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.
The amount paid to remaining shareholders in the last stage of a two-tier tender offer.