Tender offer support

Life in the public equity markets can be tough, sometimes requiring robust tactics to either make or defend a hostile tender offer. For both bidders and defenders, a hostile bid requires a thorough review of the vulnerabilities of a particular business. The bidder and defender will come under intense scrutiny during the bidding process. That scrutiny will focus particular attention on the management teams of both sides. They have to ensure they position themselves well in the eyes of the market during the tender offer. Companies are advised to rely on those with experience of dealing with hostile tender offers, mounting a robust defense and ensuring an optimal outcome is achieved for shareholders.

The challenges you face

• You’re concerned about your vulnerability to a hostile tender offer because your sector is experiencing a periodic downturn, there’s a problem with management succession, or the market has criticised your company's performance.
• You’re looking to acquire a public target in the coming months.

How PwC can help

• For companies making hostile tender offers, we prepare reviews of the bidder's own business and analysis of the vulnerability of the target.
• For companies defending a hostile tender offer, we work from the moment a hostile bid is announced to help defend against it or achieve the best price for your company. We help company management to position themselves favourably with the market during the bid.
• We assist with developing the arguments around value, supporting your propositions and helping to strengthen your position — both in the market and with shareholders.
• We provide due diligence analysis to validate the financial, commercial, operational and strategic assumptions underpinning the deal.