A tender offer must be approved by a vote of the shareholders of the target firm, while a merger does not.

Name: A tender offer must be approved by a vote of the shareholders of the target firm, while a merger does not.
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A tender offer does not require approval by a vote of the shareholders of the target firm; it is a direct offer to the shareholders to buy their shares. A merger, on the other hand, typically requires approval by a vote of the shareholders of the companies involved.

A Tender Offer Must Be Approved by a Vote of the Shareholders