Mandatory tender offer
The duty of a party that has acquired a large stake to offer the remaining holders a purchase of their shares at a price derived under statute.
How to read the number
An exit for those who never agreed to a change of owner: a transfer of control gives them the right to take money rather than remain in the new structure.
When the metric lies
The price follows a calculation rule rather than negotiation and can end up below the market quote, in which case nobody uses the offer at all.
Also known as: mandatory offer