tender
noun
uk/ˈtendər/ us [ 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 ] FINANCE, STOCK MARKET (also tender offer)
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
sealed-bid tender
self-tender
tender
verb
uk/ˈtendər/ us [ 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.