2. Formal, open offer by publicly traded corporation to buy back its own outstanding securities at a stated price and within a stated timeframe.
3. Formal, open offer by a private or publicly-traded corporation to the shareholders of a publicly-traded corporation to buy their shares usually at an attractive premium above the share current market price. Such tender offers are often a key element of a takeover strategy and are usually made subject to (1) the offerer (bidder) being able to acquire at least a minimum number of shares, and (2) automatic expiration of the offer after a certain maximum number of shares have been acquired.
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