In a two-tiered offer, target shareholders typically received two offers, which potentially have different values.

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In a two-tiered offer, target shareholders are typically offered two offers, one for the first round in which a buyer buys a majority of a company's outstanding shares at a lower price, and the second offer to purchase the remaining shares at a higher price in the second round. These two offers potentially have different values.

In a Two-Tiered Offer, Target Shareholders Typically Received Two Offers