A tender offer is a proposal made directly to the target firm's board as the first step leading to a friendly takeover.

Name: A tender offer is a proposal made directly to the target firm's board as the first step leading to a friendly takeover.
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A tender offer is made directly to the shareholders of the target company, bypassing the board of directors, and is often used in both friendly and hostile takeover attempts.

A Tender Offer Is a Proposal Made Directly to the Target