Definition
The issuer in a tender offer is the company whose shares are being tendered.
Why it matters
The issuer defines eligibility, sets program structure, chooses buyers (or is itself the buyer in a self-tender), and signs the definitive agreements.
In context
In a third-party tender offer, the issuer facilitates but the buyer’s capital funds the purchases. In a self-tender, the issuer uses its own corporate cash to repurchase shares.