A tender offer is a public proposal made by an individual or company to purchase some or all of shareholders' shares at a specified price, usually at a premium over the current market price. This process is often used during mergers and acquisitions, allowing the buyer to gain control of the target company by enticing shareholders to sell their shares. In a tender offer, the buyer typically sets a deadline for shareholders to respond. If enough shares are acquired, the buyer can achieve their goal of ownership. This method provides shareholders with an opportunity to sell their shares quickly and at a potentially higher price than they would receive on the open market.