• Challenges and Approaches in Financing Consensual Tender Offers
  • January 19, 2011 | Authors: Salvatore Guerrera; Sarah M. Ward
  • Law Firm: Skadden, Arps, Slate, Meagher & Flom LLP - New York Office
  • In the past two years, we have seen a resurgence of tender offers in M&A transactions. These “two-step” acquisitions can provide buyers with an efficient method of purchasing the outstanding shares of a public target by making a conditional offer to the target’s shareholders, followed by a second-step merger. As tender offer structures continue to become more prevalent, clients (both borrowers and lenders) will need to be aware of the particular challenges associated with financing cash bids for two-step acquisitions.