An application to buy a substantial number of shares in a privatization offer. The application is made through a retail tender broker. Usually the investor either decides on the price to bid for the shares (which may or may not be successful) or bids on a ‘strike price only’ basis, in which case shares will be allocated to the investor at the price paid by like institutions. Generally a retail tender will not attract the special incentives available to purchasers using a share shop. Retail tender brokers are often also share shops.
Subjects: Financial Institutions and Services.