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LSDefine

Simple English definitions for legal terms

tender offer

Read a random definition: reverse condemnation

A quick definition of tender offer:

A tender offer is when someone wants to buy a lot of shares in a company. They offer to pay more than the usual price for the shares, so they can get control of the company. The person who wants to buy the shares has to tell the government about it. There are eight things that make a tender offer special, like when the person tries really hard to get people to sell their shares and when they only give a limited time to decide.

A more thorough explanation:

A tender offer is a public offer made by an individual or a company to buy shares of a corporation. The offer is usually made at a price higher than the current market price, with the intention of gaining controlling interest in the target corporation.

For instance, if a company wants to acquire another company, it may make a tender offer to the shareholders of the target company. The offer may be made at a premium price, which means that the shareholders will receive more money for their shares than they would if they sold them on the open market.

There are certain rules and regulations that govern tender offers. For example, if an acquirer wants to buy more than 5% of a corporation's shares, they are required to file certain disclosures with the Securities and Exchange Commission.

The characteristics of a tender offer can be determined by an eight-factor test, which includes:

  • Active and widespread solicitation of public shareholders for the shares of an issuer
  • Solicitation made for a substantial percentage of the issuer's stock
  • Offer to purchase made at a premium over the prevailing market price
  • Terms of the offer are firm rather than negotiable
  • Offer contingent on the tender of a fixed number of shares, often subject to a fixed maximum number to be purchased
  • Offer open only for a limited period of time
  • Offeree subjected to pressure to sell his stock
  • Public announcements of a purchasing program concerning the target company precede or accompany rapid accumulation of large amounts of the target company's securities

Overall, a tender offer is a way for an individual or a company to acquire a controlling interest in another company by making a public offer to buy shares at a premium price.

tender back rule | tenement

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fedclerkhopeful
18:31
@sadpadresfan: are you still set on Cornell?
dasfi0990ut1
18:32
@fedclerkhopeful: did u get that uCHI A?
dasfi0990ut1
18:32
miss ya, worried about u (llama)
fedclerkhopeful
18:33
nope I got the WL
dasfi0990ut1
18:33
fk this cycle.
fedclerkhopeful
18:33
still prolly set on reapplying unless SLS comes in clutch
dasfi0990ut1
18:34
Good on you! LS will always be there. I hope either way it works out- IK it will! Keep ya head up!
fedclerkhopeful
18:34
thank you :)
18:35
is the 50~70% conversion rate for Cornell ii accurate?
dasfi0990ut1
18:35
:)
fedclerkhopeful
18:35
yep
[] ararara
18:36
@fedclerkhopeful: what are your goals?
[] ararara
18:38
You remind me of a friend of mine from back in the day. They came in at the top of their class at a T14 but reapplied before doing this to get HYS. They still didn't get it the second time with perfect stats. That stuff is competitive and what does it matter anyway? Just saying!
18:42
Sometimes I’m like yeah i could work for five years and get into Harvard but that’s sooo much work
18:42
No thank you!
dasfi0990ut1
18:43
@dubiously: same. in 5 years ill either be in prison for fraud or retired in the caymen islands
18:43
This white boy don’t miss u would swear u saw Luka
fedclerkhopeful
19:10
@ararara: appellate clerkship and then civil liberties law
fedclerkhopeful
19:11
And yes, I have near perfect stats and would regret going to a lower tier school when reapplying is a viable option
omelette
19:12
lower tier and its mfing cornell
[] ararara
19:27
Haha didn't realize you were admitted at Cornell not why I'm saying this haha. I've also seen a few people get H and one person get Y the second time around. Hopefully things just work out now but if it doesn't go your way the second time don't worry ✌️ you 🫵 are amazing! For the record though my housemate's friend who graduated from Cornell has an appellate clerkship.
[] ararara
19:28
@dubiously: 💀😵👻
when do we think FSU and UF will have all decisions out
19:37
I know a guy who got an appellate clerkship out of a regional t100. He’s old now but still
dasfi0990ut1
19:43
@dubiously: was it Kansas by chance?
19:44
Of course. Kansas is an appellate clerkship powerhouse
dasfi0990ut1
19:45
KS to the T14 by 2028!
[] ararara
19:47
@FumblingRightfulLemur: I would look back at last cycle ✌️❤️ but also actually wouldn't even pay attention that's usually when it happens haha
rosythecat
20:53
@ararara: your cycle was insane holy hell
rosythecat
20:53
W
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