Legal Definitions - creeping tender offer

A creeping tender offer is a type of acquisition where a company gradually buys up the stock of another company on the open market, without making a formal tender offer. This allows the acquiring company to gain control of the target company without having to pay a premium price for all of its shares at once.

• Company A wants to acquire Company B. Instead of making a formal tender offer, Company A starts buying up shares of Company B on the stock market over a period of time. As Company A acquires more and more shares, it gains more control over Company B.
• An author writes a book and retains the copyright. This is an original acquisition because the author is the first person to own the copyright.

These examples illustrate the definition of creeping tender offer and original acquisition. In the first example, Company A is using a creeping tender offer to acquire Company B. In the second example, the author's ownership of the copyright is an original acquisition because they are the first person to own it.