Definition
A successful tender offer is one in which:
- The minimum tender condition is satisfied (often >50% or >90%)
- All other closing conditions (regulatory clearance, financing, no MAC) are satisfied or waived
- The bidder accepts the tendered shares and pays the offer price
What follows
- A subsequent offering period of typically 3–20 business days, during which more holders can tender at the same price (no withdrawal rights)
- A back-end merger to squeeze out remaining minority and complete the take-private
- Delisting of the target’s shares from any public exchange
- Integration of the target into the acquirer’s structure and operations
Time to close
After a successful tender, the back-end merger and final delisting typically complete within 1–4 weeks, depending on the structure (short-form vs. long-form) and any holdup litigation.