A tender offer is an attempt by outsiders to buy the stock of the target firm's shareholders with the help of the target firm's managers.

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A tender offer is an attempt by outsiders to bypass the target firm's managers and directly buy the stock of the target firm's shareholders. The target firm's managers may try to resist the tender offer or negotiate a better deal for their shareholders, but they are not typically involved in helping the outsider acquire their stock.

A Tender Offer Is an Attempt by Outsiders to Buy