A tender offer for Shares is a public Share repurchase offer made by the company for its own Shares. In practice, an extraordinary general meeting of Shareholders must grant the Board of Directors the authority to make an offer to all Shareholders to buy all or part of their Shares at a certain price during a certain period, typically about one month. If too many Shares are tendered under the offer, the company scales back all the surrender requests in proportion. If too few are tendered, the company cancels the Shares that are tendered. See also Dutch auction.

(See Chapters 37 and 38 of the Vernimmen)

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