Tender offer memorandum

1. Securities - repurchase.

A tender offer memorandum is a formal document in which an organisation that has issued securities that have not yet reached their final maturities, indicates that the organisation wishes to repurchase some or all of the securities previously issued.

Legal basis of tender offers

"A tender offer is actually an “invitation to treat” under English law, by which an issuer (or someone acting on the issuer’s behalf), indicates that if the issuer’s bondholders are prepared to offer certain bonds for repurchase, the issuer is willing to consider accepting that offer on the terms set out in a tender offer memorandum.

Therefore, pursuant to English contract law, it is the bondholders’ submission of their bonds and tender instructions pursuant to the terms of the tender offer memorandum that forms the “offer” under contract law, which is then “accepted” by the issuer, creating a binding contract."

Dentons Debt Capital Markets - Quick Guide to Cash Tender Offers - August 2023.

See also

• Acceptance
• Bid
• Capped tender offer
• Contract
• English law
• Invitation to treat
• Law
• Memorandum
• Offer
• Repurchase
• Security
• Tender
• Tender offer

Other resource

• Dentons DCM - Quick Guide to Cash Tender Offers - August 2023