two-tier merger offer is one where the acquiring company offers to purchase the target company in a two-part transaction Cash is paid to some stockholders, bonds are issued to others, but the total values of each part of the transaction are equal.

Question

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A two-tier merger offer typically involves offering different terms to different groups of shareholders, often with a higher initial offer followed by a lower offer, rather than equal values for each part.

Two-Tier Merger Offer Is One Where the Acquiring Company Offers