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In mergers and acquisitions, a mandatory offer, also called a mandatory bid in some jurisdictions, is an offer made by one company (the "acquiring company" or "bidder") to purchase some or all outstanding shares of another company (the "target"), as required by securities laws and regulations or stock exchange rules governing corporate takeovers.
A tender offer is a proposal to buy shares of stock from the stockholders for cash or some type of corporate security of the acquiring company. Since the mid-1960s, cash tender offers for corporate takeovers have become favored over the traditional alternative, the proxy campaign. A proxy campaign is an attempt to obtain the votes of enough ...
For example, T. Boone Pickens alleges that Koito, a Japanese auto part maker, has for many years been subsidizing sales to a large shareholder, the Toyota Car Group. Mr. Mr. Pickens recently bought a large block of stock in Koito and demanded board representation, in part to stop the private benefits that allegedly have been flowing to Toyota.
That mandatory offer has allowed industry agents and brokers to collude by setting rates. Homes listed below the going rate of 2.5% to 3% may not be shown by buyer agents .
Whitewash waiver or whitewash resolution is a corporate law concept originating in Hong Kong and Singapore.It refers to a proposed resolution for the waiver of rights of independent shareholders to receive a mandatory takeover from the undertaking shareholders and its concert parties for the ordinary shares of the company not already owned or controlled by them.
There is a 30% threshold at which a mandatory offer must be made. This is considered to be reached when a concert party jointly hold 30% of the shares in a company, not when one of them does. The same applies to other financial instrument holdings such as derivatives.
The policy endorsement stipulates that the policyholder agrees to give up the right to file a lawsuit and have a judge and jury decide about payment from an insurance claim settlement.
This freeze-out tender offer has a significant advantage over an LBO because an acquiring corporation need not make an all-cash tender offer. Instead, it can use shares of its own stock to pay for the acquisition. In this case, the bidder offers to exchange each shareholder's stock in the target for stock in the acquiring company.