Enchilada Inc. seeks to purchase a substantial number of the voting shares of Fajita Company. Enchilada deals directly with the shareholders of Fajita. Enchilada offers a price higher than the market price of Fajita's shares. This is

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A tender offer involves a company or individual making a public offer to purchase a substantial amount of the shares of another company directly from the shareholders, often at a premium to the market price. This is exactly what Enchilada Inc. is doing by offering a higher price than the market price directly to the shareholders of Fajita Company.