A public acquisition can be structured as a “two-step” tende…
A public acquisition can be structured as a “two-step” tender offer on either a negotiated or unsolicited basis, followed by a merger. In step 1 of the two-step process, the tender offer is made directly to the target’s public shareholders with the target’s approval pursuant to a definitive agreement. What percent of tendered shares does the acquirer generally need to reach in order to execute a squeeze-out scenario?