- Tender
- To offer for delivery against futures. The New York Times Financial Glossary
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▪ I. tender tender 2 verb1. [intransitive] COMMERCE to make a formal offer to do a job or provide goods or services at a particular price:tender for• The company said it is unable to tender competitively for contracts unless it has the flexibility of Sunday working.
tender for• The company has agreed to tender for two million of the shares at $4 a share.
• Stockholders must tender for their shares by a specified expiration date.
• She will tender a proposal at the meeting.
• The company vice-president had tendered his resignation (= officially said he wanted to leave his job ) .
• She tendered a £10 note.
[m0] ▪ II. tender ten‧der 1 [ˈtendə ǁ -ər] noun [countable]1. COMMERCE an offer to do a job or provide goods or services for a particular price, usually as part of a competition between several companies for the same work:• Their bid was £150,000 more than the lowest tender.
• Councillors agreed that the contract to build the homes should be put out to (= offered for ) tender.
— tenderer noun [countable] :• It is preferable for tenders to be opened publicly with the tenderers present.
ˌsealed ˈbid ˌtender COMMERCEa system in which several companies make tenders for a job without anyone knowing what the other tenders are. The offers are then all opened at the same time and the work given to the company who makes the best offer2. FINANCE an offer to buy shares, which will be sold to the investor who offers the highest amount:• Some tender offers stipulate a minimum price for offers.
3. LAW an offer of the exact amount of money in cash (= coins and notes) needed to pay for something — see also legal tender* * *
Meaning varies greatly according to context. In a securities market it can mean that all allocations are at the same price. It can also mean the act of offering securities in response to a takeover bid or a tender offer. In the money market it can be an offer to buy Treasury bills. In commodities and futures markets it is the notice of intent to deliver physical goods against a futures contract.* * *
Ⅰ.tender UK US /ˈtendər/ noun► [C] COMMERCE a written or formal offer to supply goods or do a job for an agreed price: receive a tender »Competitive tenders must be received by 1 p.m.
invite tenders (to do/for sth) »Morocco is inviting tenders to build two wind farms.
submit a tender (to do/for sth) »The company said it will submit tenders to develop three oil fields in the area.
► [C or U] COMMERCE a method of choosing the best company to supply goods or do a job by asking several companies to make offers for the work: win a tender (for/to do sth) »The company won a tender to start an analogue cellular network.
put sth out to tender »The drilling rights have been put out to tender.
► [C] (also tender offer) FINANCE, STOCK MARKET an occasion when a company sells new shares to those who make offers for them above a particular lowest price. The company calculates the strike price (= final price to be paid) in relation to the total demand and the prices offered: »All tenders above the strike price will be accepted.
»Shares in the insurance group will be sold through tenders.
»They made a cash tender of $15.50 per share.
»The share tender was over-subscribed.
»If you buy shares in the retail tender offer, they will be free of transfer charges for up to 42 days after allocation.
→ See also LEGAL TENDER(Cf. ↑legal tender), SEALED-BID TENDER(Cf. ↑sealed-bid tender), SELF-TENDER(Cf. ↑self-tender)Ⅱ.tender UK US /ˈtendər/ verb► [I or T] COMMERCE to make a formal offer to supply goods or do a job for an agreed price: »It will be better still if competitors in poor countries can tender successfully.
tender to do sth »The company is tendering to clean the Millennium Dome.
tender for sth »Next month companies will be invited to tender for a new international telecommunications system.
► [I or T] FINANCE, STOCK MARKET to make a formal offer to buy or sell shares at a stated price: »Unit holders are under no obligation to tender their shares.
»About 7 million of their shares had been tendered under the offer.
tender sth to sb/sth »The company tendered its shares to BP for 500p cash.
tender into sth »They gave security holders an additional opportunity to tender into the offer.
► [T] FORMAL to give or offer something: »You will have no option but to tender your resignation.
»He tendered a delivery note for signature.
»She tendered a plea of no contest.
tender sth as sth »A check was tendered as payment.
Financial and business terms. 2012.
