Definition
A tender offer is a structured, time-bound invitation to a defined group of shareholders to sell some or all of their shares at a fixed price.
Why it matters
In the private-company context, a tender offer is the most common way large, late-stage companies provide regularized partial liquidity to long-tenured employees and select investors without going public.
In context
A typical private-company tender offer has a defined eligibility list, a single fixed price, a 20-business-day offer window, a per-seller cap, and pro-rata allocation if oversubscribed.