In a takeover scenario, the firm that hopes to acquire the target firm makes a publicly advertised tender offer to stockholders of the target firm. A tender offer is a cash offer to buy shares at a specified price within a specified time window with other conditions that may be attached. As an inducement, the price offered is higher than the market price of the target shares. The goal is to acquire over 50% of the shares for voting control. If  50%+ is not achieved in the time specified, the tender offer may be canceled. If the B.O.D. of the target firm does not approve of the tender offer,  it is considered a hostile takeover bid. If the hopeful acquirer makes an exchange offer, shares of the acquiring company are offered instead of cash.