TERMIUM Plus®

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TWO-TIER FRONT-END LOADED TENDER OFFER [1 record]

Record 1 2012-03-07

English

Subject field(s)
  • Commercial Law
  • Amalgamation and Partnerships (Finance)
CONT

In the first tier or step of a "two-tier" takeover bid the offeror gains control of the target through open market purchases of target shares, privately negotiated purchases or a tender offer. In the second step, the purchaser or tender offeror uses its control to obtain complete ownership of the target usually by merging the target corporation into itself.

Key term(s)
  • two-tiered takeover bid
  • two-tiered bid
  • two-tiered tender offer

French

Domaine(s)
  • Droit commercial
  • Fusion, absorption et coparticipation (Finances)
DEF

Offre publique d'achat au cours de laquelle l'initiateur lance une première offre assortie d'une contrepartie en argent élevée afin d'obtenir le contrôle de la cible, pour ensuite fusionner avec celle-ci et évincer les actionnaires minoritaires pour une contrepartie inférieure à celle payée lors de l'offre initiale.

Spanish

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