An offer made directly to stockholders to purchase or trade for their securities. A tender offer often contains restrictions, such as the minimum number of shares to be tendered for the offer to be effective or the maximum number of tendered shares that will be accepted. A tender offer may be made by a firm to its own shareholders to reduce the number of outstanding shares, or by an outsider wishing to obtain control of the firm. Compare hostile tender offer. See also creeping tender offer, exclusionary tender offer, mini-tender offer, partial tender offer, self-tender, two-tier tender offer, Williams Act.