825:
815:
82:
123:
upon commencement of the tender offer. Among the matters required to be disclosed in schedule TO are: (i) a term sheet which summarizes the material terms of the tender offer in plain
English; (ii) the bidder's identity and background; and (iii) the bidder's history with the target company. In
50:
To induce the shareholders of the target company to sell, the acquirer's offer price is usually at a premium over the current market price of the target company's shares. For example, if a target corporation's stock was trading at $ 10 per share, an acquirer might offer $ 11.50 per share to
46:
for sale at a specified price during a specified time, subject to the tendering of a minimum and maximum number of shares. In a tender offer, the bidder contacts shareholders directly; the directors of the company may or may not have endorsed the tender offer proposal.
51:
shareholders on the condition that 51% of shareholders agree. Cash or securities may be offered to the target company's shareholders, although a tender offer in which securities are offered as consideration is generally referred to as an "
229:
861:
222:
215:
120:
31:
bid. The tender offer is a public, open offer or invitation (usually announced in a newspaper advertisement) by a prospective acquirer to all
197:
David
Offenberg, Christo A. Pirinsky, "How do acquirers choose between mergers and tender offers?" Journal of Financial Economics, 2015.
854:
174:
137:
847:
1092:
1117:
696:
112:
609:
1111:
755:
1594:
1534:
1330:
1236:
549:
273:
1320:
1288:
1192:
1146:
1129:
1082:
666:
136:
The consummation of a tender offer resulting in payment to the shareholder is a taxable event triggering
1640:
1105:
1099:
629:
800:
785:
775:
614:
429:
1494:
1169:
818:
795:
733:
559:
484:
444:
424:
164:
1448:
1309:
1204:
1087:
529:
519:
489:
459:
399:
1336:
770:
671:
534:
372:
342:
140:
or losses, which may be long-term or short-term depending on the shareholder's holding period.
1474:
1283:
686:
1609:
1529:
1294:
1278:
1241:
1123:
1066:
1034:
708:
703:
207:
8:
1539:
1484:
1408:
1268:
1198:
1027:
1000:
658:
154:
1579:
1554:
1514:
1499:
1418:
1388:
1357:
1315:
1059:
969:
959:
828:
740:
723:
681:
604:
596:
382:
367:
242:
765:
1443:
1428:
1180:
760:
745:
676:
619:
564:
539:
509:
499:
409:
392:
313:
308:
268:
263:
250:
238:
169:
159:
149:
20:
1544:
1464:
1260:
1141:
1017:
936:
892:
870:
718:
713:
624:
579:
479:
377:
298:
283:
258:
1619:
1614:
1549:
1524:
1459:
1433:
1413:
1372:
1367:
1362:
1347:
1342:
1230:
1164:
1156:
1044:
931:
780:
691:
644:
634:
569:
494:
464:
414:
362:
334:
278:
191:
98:
whether one class of shareholders can receive preferential treatment over another
16:
Public invitation of stockholders by potential acquirers of a public corporation
1574:
1569:
1469:
1454:
1215:
1210:
1175:
974:
941:
887:
879:
728:
639:
52:
36:
1634:
1438:
1423:
1398:
1352:
1304:
1007:
964:
951:
902:
347:
74:
1519:
1489:
1479:
1299:
1273:
1022:
1012:
995:
926:
921:
897:
434:
419:
293:
128:
within 10 days of acquiring more than 5% of the shares of another company.
125:
108:
78:
32:
1604:
1584:
1564:
1559:
1504:
1393:
1325:
544:
514:
357:
288:
186:
116:
39:
1589:
1509:
1186:
1049:
790:
750:
554:
504:
474:
352:
1225:
1220:
1135:
1054:
524:
387:
839:
196:
1403:
1039:
574:
469:
454:
28:
1247:
404:
92:
procedures for modifying a tender offer after it has been issued
990:
43:
913:
303:
237:
89:
the minimum length of time a tender offer must remain open
111:, codified in Section 13(d) and Section 14(d)(1) of the
85:
also governs tender offers. It covers such matters as:
201:
J. Fred Weston, Mark L. Mitchell, J. Harold
Mulherin,
203:Takeovers, Restructuring, and Corporate Governance
1632:
95:insider trading in the context of tender offers
855:
223:
862:
848:
824:
814:
230:
216:
124:addition, a potential acquirer must file
42:(the target corporation) to tender their
175:List of largest mergers and acquisitions
192:SEC regulations governing tender offers
102:
1633:
869:
843:
211:
77:, tender offers are regulated by the
13:
131:
14:
1652:
1118:Electronic communication network
823:
813:
107:In the United States, under the
63:
58:
113:Securities Exchange Act of 1934
610:Debtor-in-possession financing
1:
1112:Multilateral trading facility
180:
1535:Returns-based style analysis
1331:Post-modern portfolio theory
1237:Security characteristic line
550:Staggered board of directors
7:
1289:Efficient-market hypothesis
1193:Capital asset pricing model
1130:Straight-through processing
667:Accretion/dilution analysis
143:
10:
1657:
1106:Alternative Trading System
630:Leveraged recapitalization
68:
1381:
1256:
1155:
1075:
983:
950:
911:
877:
809:
801:Valuation using multiples
786:Sum-of-the-parts analysis
756:Modigliani–Miller theorem
657:
615:Dividend recapitalization
595:
443:
430:Secondary market offering
333:
322:
249:
1170:Arbitrage pricing theory
819:List of investment banks
734:Free cash flow to equity
560:Super-majority amendment
485:Management due diligence
425:Seasoned equity offering
187:SEC FAQ on tender offers
165:Mergers and acquisitions
1449:Initial public offering
1310:Modern portfolio theory
1205:Dividend discount model
1088:List of stock exchanges
530:Shareholder rights plan
520:Post-merger integration
490:Managerial entrenchment
460:Contingent value rights
400:Initial public offering
1337:Random walk hypothesis
672:Adjusted present value
535:Special-purpose entity
373:Direct public offering
343:At-the-market offering
1475:Market capitalization
1284:Dollar cost averaging
687:Conglomerate discount
115:, a bidder must file
1295:Fundamental analysis
1279:Contrarian investing
1242:Security market line
1147:Liquidity aggregator
1124:Direct market access
1035:Quantitative analyst
709:Economic value added
704:Discounted cash flow
103:Required disclosures
27:is a type of public
1540:Reverse stock split
1485:Market manipulation
1409:Dual-listed company
1269:Algorithmic trading
1199:Capital market line
1001:Inter-dealer broker
294:Senior secured debt
155:Bond exchange offer
1580:Stock market index
1419:Efficient frontier
1358:Technical analysis
1316:Momentum investing
1138:(private exchange)
1028:Proprietary trader
970:Shares outstanding
960:Authorised capital
829:Outline of finance
741:Market value added
724:Financial modeling
682:Business valuation
605:Debt restructuring
383:Follow-on offering
368:Corporate spin-off
326:(terms/conditions)
243:investment banking
1641:Corporate finance
1628:
1627:
1429:Flight-to-quality
1181:Buffett indicator
871:Financial markets
837:
836:
761:Net present value
746:Minority interest
677:Associate company
653:
652:
620:Financial sponsor
540:Special situation
510:Pre-emption right
500:Minority discount
410:Private placement
309:Subordinated debt
264:Exchangeable debt
251:Capital structure
239:Corporate finance
170:Contract awarding
160:Mini-tender offer
150:Bond Tender Offer
21:corporate finance
1648:
1545:Share repurchase
1257:Trading theories
1142:Crossing network
1100:Over-the-counter
937:Restricted stock
893:Secondary market
864:
857:
850:
841:
840:
827:
826:
817:
816:
719:Fairness opinion
714:Enterprise value
697:Weighted average
625:Leveraged buyout
480:Drag-along right
378:Equity carve-out
335:Equity offerings
331:
330:
327:
299:Shareholder loan
284:Second lien debt
279:Preferred equity
259:Convertible debt
232:
225:
218:
209:
208:
1656:
1655:
1651:
1650:
1649:
1647:
1646:
1645:
1631:
1630:
1629:
1624:
1615:Voting interest
1525:Public offering
1460:Mandatory offer
1434:Government bond
1414:DuPont analysis
1377:
1373:Value investing
1368:Value averaging
1363:Trend following
1348:Style investing
1343:Sector rotation
1258:
1252:
1231:Net asset value
1157:Stock valuation
1151:
1071:
979:
946:
932:Preferred stock
907:
873:
868:
838:
833:
805:
781:Stock valuation
776:Residual income
692:Cost of capital
649:
645:Project finance
635:High-yield debt
591:
570:Tag-along right
495:Mandatory offer
465:Control premium
446:
439:
415:Public offering
363:Bought out deal
325:
324:
318:
245:
236:
183:
146:
134:
132:Tax consequence
105:
71:
66:
61:
37:publicly traded
17:
12:
11:
5:
1654:
1644:
1643:
1626:
1625:
1623:
1622:
1617:
1612:
1607:
1602:
1597:
1592:
1587:
1582:
1577:
1575:Stock exchange
1572:
1570:Stock dilution
1567:
1562:
1557:
1552:
1547:
1542:
1537:
1532:
1527:
1522:
1517:
1512:
1507:
1502:
1497:
1495:Mean reversion
1492:
1487:
1482:
1477:
1472:
1470:Market anomaly
1467:
1462:
1457:
1452:
1446:
1441:
1436:
1431:
1426:
1421:
1416:
1411:
1406:
1401:
1396:
1391:
1389:Bid–ask spread
1385:
1383:
1379:
1378:
1376:
1375:
1370:
1365:
1360:
1355:
1350:
1345:
1340:
1334:
1328:
1323:
1318:
1313:
1307:
1302:
1297:
1292:
1286:
1281:
1276:
1271:
1265:
1263:
1254:
1253:
1251:
1250:
1245:
1239:
1234:
1228:
1223:
1218:
1216:Earnings yield
1213:
1211:Dividend yield
1208:
1202:
1196:
1190:
1184:
1178:
1173:
1167:
1161:
1159:
1153:
1152:
1150:
1149:
1144:
1139:
1133:
1127:
1121:
1115:
1109:
1103:
1102:(off-exchange)
1097:
1096:
1095:
1090:
1079:
1077:
1076:Trading venues
1073:
1072:
1070:
1069:
1064:
1063:
1062:
1052:
1047:
1042:
1037:
1032:
1031:
1030:
1025:
1015:
1010:
1005:
1004:
1003:
998:
987:
985:
981:
980:
978:
977:
975:Treasury stock
972:
967:
962:
956:
954:
948:
947:
945:
944:
942:Tracking stock
939:
934:
929:
924:
918:
916:
909:
908:
906:
905:
900:
895:
890:
888:Primary market
884:
882:
875:
874:
867:
866:
859:
852:
844:
835:
834:
832:
831:
821:
810:
807:
806:
804:
803:
798:
796:Terminal value
793:
788:
783:
778:
773:
768:
763:
758:
753:
748:
743:
738:
737:
736:
729:Free cash flow
726:
721:
716:
711:
706:
701:
700:
699:
689:
684:
679:
674:
669:
663:
661:
655:
654:
651:
650:
648:
647:
642:
640:Private equity
637:
632:
627:
622:
617:
612:
607:
601:
599:
593:
592:
590:
589:
584:
583:
582:
572:
567:
562:
557:
552:
547:
542:
537:
532:
527:
522:
517:
512:
507:
502:
497:
492:
487:
482:
477:
472:
467:
462:
457:
451:
449:
441:
440:
438:
437:
432:
427:
422:
417:
412:
407:
402:
397:
396:
395:
385:
380:
375:
370:
365:
360:
355:
350:
345:
339:
337:
328:
320:
319:
317:
316:
311:
306:
301:
296:
291:
286:
281:
276:
271:
269:Mezzanine debt
266:
261:
255:
253:
247:
246:
235:
234:
227:
220:
212:
206:
205:
199:
194:
189:
182:
179:
178:
177:
172:
167:
162:
157:
152:
145:
142:
133:
130:
104:
101:
100:
99:
96:
93:
90:
83:Regulation 14E
70:
67:
65:
62:
60:
57:
53:exchange offer
15:
9:
6:
4:
3:
2:
1653:
1642:
1639:
1638:
1636:
1621:
1618:
1616:
1613:
1611:
1608:
1606:
1603:
1601:
1598:
1596:
1593:
1591:
1588:
1586:
1583:
1581:
1578:
1576:
1573:
1571:
1568:
1566:
1563:
1561:
1558:
1556:
1553:
1551:
1550:Short selling
1548:
1546:
1543:
1541:
1538:
1536:
1533:
1531:
1528:
1526:
1523:
1521:
1518:
1516:
1513:
1511:
1508:
1506:
1503:
1501:
1498:
1496:
1493:
1491:
1488:
1486:
1483:
1481:
1478:
1476:
1473:
1471:
1468:
1466:
1463:
1461:
1458:
1456:
1453:
1450:
1447:
1445:
1442:
1440:
1439:Greenspan put
1437:
1435:
1432:
1430:
1427:
1425:
1424:Financial law
1422:
1420:
1417:
1415:
1412:
1410:
1407:
1405:
1402:
1400:
1399:Cross listing
1397:
1395:
1392:
1390:
1387:
1386:
1384:
1382:Related terms
1380:
1374:
1371:
1369:
1366:
1364:
1361:
1359:
1356:
1354:
1353:Swing trading
1351:
1349:
1346:
1344:
1341:
1338:
1335:
1332:
1329:
1327:
1324:
1322:
1321:Mosaic theory
1319:
1317:
1314:
1311:
1308:
1306:
1305:Market timing
1303:
1301:
1298:
1296:
1293:
1290:
1287:
1285:
1282:
1280:
1277:
1275:
1272:
1270:
1267:
1266:
1264:
1262:
1255:
1249:
1246:
1243:
1240:
1238:
1235:
1232:
1229:
1227:
1224:
1222:
1219:
1217:
1214:
1212:
1209:
1206:
1203:
1200:
1197:
1194:
1191:
1188:
1185:
1182:
1179:
1177:
1174:
1171:
1168:
1166:
1163:
1162:
1160:
1158:
1154:
1148:
1145:
1143:
1140:
1137:
1134:
1131:
1128:
1125:
1122:
1119:
1116:
1113:
1110:
1107:
1104:
1101:
1098:
1094:
1093:Trading hours
1091:
1089:
1086:
1085:
1084:
1081:
1080:
1078:
1074:
1068:
1065:
1061:
1058:
1057:
1056:
1053:
1051:
1048:
1046:
1043:
1041:
1038:
1036:
1033:
1029:
1026:
1024:
1021:
1020:
1019:
1016:
1014:
1011:
1009:
1008:Broker-dealer
1006:
1002:
999:
997:
994:
993:
992:
989:
988:
986:
982:
976:
973:
971:
968:
966:
965:Issued shares
963:
961:
958:
957:
955:
953:
952:Share capital
949:
943:
940:
938:
935:
933:
930:
928:
925:
923:
920:
919:
917:
915:
910:
904:
903:Fourth market
901:
899:
896:
894:
891:
889:
886:
885:
883:
881:
876:
872:
865:
860:
858:
853:
851:
846:
845:
842:
830:
822:
820:
812:
811:
808:
802:
799:
797:
794:
792:
789:
787:
784:
782:
779:
777:
774:
772:
769:
767:
764:
762:
759:
757:
754:
752:
749:
747:
744:
742:
739:
735:
732:
731:
730:
727:
725:
722:
720:
717:
715:
712:
710:
707:
705:
702:
698:
695:
694:
693:
690:
688:
685:
683:
680:
678:
675:
673:
670:
668:
665:
664:
662:
660:
656:
646:
643:
641:
638:
636:
633:
631:
628:
626:
623:
621:
618:
616:
613:
611:
608:
606:
603:
602:
600:
598:
594:
588:
585:
581:
578:
577:
576:
573:
571:
568:
566:
563:
561:
558:
556:
553:
551:
548:
546:
543:
541:
538:
536:
533:
531:
528:
526:
523:
521:
518:
516:
513:
511:
508:
506:
503:
501:
498:
496:
493:
491:
488:
486:
483:
481:
478:
476:
473:
471:
468:
466:
463:
461:
458:
456:
453:
452:
450:
448:
442:
436:
433:
431:
428:
426:
423:
421:
418:
416:
413:
411:
408:
406:
403:
401:
398:
394:
391:
390:
389:
386:
384:
381:
379:
376:
374:
371:
369:
366:
364:
361:
359:
356:
354:
351:
349:
348:Book building
346:
344:
341:
340:
338:
336:
332:
329:
321:
315:
312:
310:
307:
305:
302:
300:
297:
295:
292:
290:
287:
285:
282:
280:
277:
275:
272:
270:
267:
265:
262:
260:
257:
256:
254:
252:
248:
244:
240:
233:
228:
226:
221:
219:
214:
213:
210:
204:
200:
198:
195:
193:
190:
188:
185:
184:
176:
173:
171:
168:
166:
163:
161:
158:
156:
153:
151:
148:
147:
141:
139:
138:capital gains
129:
127:
122:
118:
114:
110:
97:
94:
91:
88:
87:
86:
84:
80:
76:
75:United States
64:United States
59:Governing law
56:
54:
48:
45:
41:
38:
34:
30:
26:
22:
1600:Tender offer
1599:
1520:Public float
1490:Market trend
1480:Market depth
1300:Growth stock
1274:Buy and hold
1183:(Cap-to-GDP)
1023:Floor trader
1013:Market maker
996:Floor broker
984:Participants
927:Golden share
922:Common stock
898:Third market
771:Real options
587:Tender offer
586:
447:acquisitions
435:Underwriting
420:Rights issue
323:Transactions
202:
135:
126:Schedule 13D
109:Williams Act
106:
79:Williams Act
72:
49:
33:stockholders
25:tender offer
24:
18:
1605:Uptick rule
1585:Stock split
1565:Squeeze-out
1560:Speculation
1505:Open outcry
1394:Block trade
1326:Pairs trade
545:Squeeze-out
515:Proxy fight
445:Mergers and
358:Bought deal
289:Senior debt
117:Schedule TO
40:corporation
1610:Volatility
1590:Stock swap
1510:Order book
1261:strategies
1187:Book value
1055:Arbitrager
1050:Speculator
791:Tax shield
751:Mismarking
555:Stock swap
505:Pitch book
475:Divestment
353:Bookrunner
274:Pari passu
181:References
1226:Fed model
1221:EV/EBITDA
1136:Dark pool
1067:Regulator
912:Types of
878:Types of
766:Pure play
659:Valuation
525:Sell side
388:Greenshoe
119:with the
1635:Category
1555:Slippage
1515:Position
1500:Momentum
1404:Dividend
1083:Exchange
1040:Investor
597:Leverage
575:Takeover
470:Demerger
455:Buy side
144:See also
29:takeover
1444:Haircut
1248:T-model
1060:Scalper
880:markets
580:Reverse
565:Synergy
405:Pre-IPO
393:Reverse
314:Warrant
73:In the
69:General
1465:Margin
1333:(PMPT)
1195:(CAPM)
1045:Hedger
1018:Trader
991:Broker
914:stocks
81:. SEC
1620:Yield
1595:Trade
1530:Rally
1451:(IPO)
1339:(RMH)
1312:(MPT)
1291:(EMH)
1244:(SML)
1233:(NAV)
1207:(DDM)
1201:(CML)
1172:(APT)
1165:Alpha
1132:(STP)
1126:(DMA)
1120:(ECN)
1114:(MTF)
1108:(ATS)
304:Stock
44:stock
35:of a
1455:Long
1259:and
1189:(BV)
1176:Beta
241:and
23:, a
19:In
121:SEC
55:".
1637::
863:e
856:t
849:v
231:e
224:t
217:v
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