Tender Offers

We are experienced in all aspects of tender offers. Upon the announcement of even rumor of an offer, the target ownership base typically undergoes rapid transformation, with long-term institutional and retail investors often selling some or all of their positions, and risk and merger arbitrageurs, hedge funds and other professional investors establishing significant positions.

When retained, our first step is to break down the shareholder base into its components (5% holders, insiders, remaining institutions, remaining retail and arbitrageurs). We provide a detailed list of the top institutions and arbitrageurs for contact and follow-up. Our expertise in identifying and communicating with institutions and arbitrageurs provides the market intelligence necessary to advise our clients about the best strategies to achieve successful results. We then project the tender results based on various assumptions.

During the entire process, we are in constant contact with the shareholders, depositary or exchange agent (if other than ourselves), the client and its advisors, analyzing and communicating the participation results as they come in, and expectations for results through the expiration date. This provides the client with the information needed to make informed decisions, reach out to particular holders as required, and avoid any last minute surprises.