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Takeover bid in which the acquirer offers to pay more for the shares needed to gain control than for the remaining shares, or to pay the same price but at different times in the merger period; contrasts with any-or-all bid.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved