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Glossary

Take-private completion

The final step in a going-private transaction — back-end merger and exchange-delisting that converts a public company to private.

Also called: take-private close, going-private close

Definition

Take-private completion is the operational endpoint of a going-private tender offer:

  1. Successful tender (initial period + subsequent offering period)
  2. Back-end merger (short-form, medium-form, or long-form)
  3. Cash-out of remaining minority shareholders
  4. Delisting from public stock exchanges
  5. Deregistration under the Exchange Act (Form 15 filing) — eliminates ongoing SEC reporting

Timing

For a friendly negotiated tender:

  • Tender expires — Day 0
  • Subsequent offering period ends — Day 10–20
  • Back-end merger closes — Day 21–35
  • Delisting + Form 15 — Days 35–45

Why it matters

The completion sequence eliminates public-company overhead and unlocks the strategic flexibility (and the leverage) that motivated the take-private in the first place.

Related terms