Definition

Noun: A public offer by one company (the acquirer or bidder) to purchase all of the shares of another company (the target) from its shareholders at a specified price. The "any-and-all" nature means the bidder is willing to buy every single share tendered by shareholders, without any maximum limit or minimum condition on the number of shares required for the deal to proceed.

Usage

This term is used specifically in the context of corporate finance, mergers and acquisitions (M&A), and securities law. It describes a specific, aggressive strategy to gain control of a target company.

Examples

• Noun:
  • The hostile takeover attempt was launched via an any-and-all bid, putting immediate pressure on the target company's board.
  • Shareholders must decide whether to tender their shares in response to the any-and-all bid at the offered premium.

Advanced Usage

• As a Strategy: An any-and-all bid is often used in hostile takeovers to appeal directly to shareholders, bypassing a resistant board of directors. It signals the bidder's firm commitment to acquire the entire company.
• Contrast with Tender Offers: While all any-and-all bids are tender offers, not all tender offers are "any-and-all." Some offers may be conditional on acquiring a minimum percentage of shares or may be for only a portion of the outstanding shares.

Variants and Related Words

• Takeover Bid (n): A broader term for any offer to purchase a controlling interest in a company.
• Tender Offer (n): A public offer to buy shares from stockholders, which includes the any-and-all bid as one type.
• Hostile Takeover (n): An acquisition attempt that is opposed by the target company's management, often executed via an any-and-all bid.

Synonyms

• Unconditional tender offer: Emphasizes the lack of minimum conditions.
• All-shares bid: A descriptive synonym highlighting the scope of the offer.

Related Phrases

• To launch an any-and-all bid: The action of making such an offer.
  • The activist investor threatened to launch an any-and-all bid if the merger talks failed.
• To be subject to an any-and-all bid: Describes the status of the target company.
  • The struggling tech firm found itself subject to an any-and-all bid from a larger competitor.

Noun

1. a takeover bid where the acquirer offers to buy any and all shares outstanding