Instaworks,Inc.wants to acquire IOK Corp.Instaworks makes a tender offer to the shareholders of IOK to acquire their shares of IOK without the permission of the latter corporation's board of directors.This is an example of a ________.

Question

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A hostile tender offer is a takeover bid that is made directly to the shareholders of a target company, bypassing the target company's management and board of directors. In this case, Instaworks is making a direct offer to IOK's shareholders without the permission of IOK's board of directors, which makes it a hostile tender offer.