# Tender Offer

*Corporate Finance & M&A — Finicade finance glossary*

A tender offer is a public bid made directly to shareholders to buy their shares at a stated price, bypassing the board. It's the standard mechanism of a hostile approach and is time-limited and conditional on a minimum acceptance level. Because it goes over management's head, the board's response — recommend, reject, or find a white knight — becomes the decisive event.

**Also known as:** takeover bid, offer to shareholders

**Related terms:** [Hostile Takeover](https://finicade.com/glossary/hostile-takeover), [Mergers and Acquisitions (M&A)](https://finicade.com/glossary/mergers-and-acquisitions), [Poison Pill](https://finicade.com/glossary/poison-pill), [Break Fee](https://finicade.com/glossary/break-fee), [Delisting](https://finicade.com/glossary/delisting)

Source: https://finicade.com/glossary/tender-offer