HandbookApprovals and conditions
What is a minimum tender condition?
What it means and how to read it on a deal.
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What it is
In a tender offer, the share of the outstanding shares that must be validly tendered, often counted together with shares the buyer already owns, before the buyer has to buy any.
On the site asMinimum tenderOffer was set to expire
How to read it
The checklist gives it as a percentage of the outstanding shares and says whether it can be waived: Buyer may waive it, Only with the target's consent, or Can't be waived.
As a condition it reads Pending until a filing says it was met. When the expiry date passes with no result filed, it reads Offer was set to expire that day.
Related terms
- Tender offerA deal in which the buyer offers to buy the shares directly from holders, who choose whether to tender; a merger usually follows for the shares not tendered.
- Tender offer expiryThe day the tender offer is scheduled to expire, as most recently extended. Holders who want the offer price tender before it.
