off-market bid和on-market bid

In an off-market bid, the acquirer makes an offer (cash and/or securities) to acquire shares in the target company. The offer must remain open between one and twelve months, it could be for all or part of shares in the target company; if the offer price is subsequently increased all target shares must be bought at same price

On-market bids for companies listed on the stock exchange; 1 to 12 months offer open; must pay cash for shares; if offer price increased, there is no need to pay higher price to target shareholders who already sold their shares.

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