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Finance Dictionary and Glossary of Investment Terms
Usually used in the context of a merger or acquisition. A group of shareholders who refuse to tender their shares for a merger or acquisition. In a merger of Company A and Company B for example, if a sufficient number of Company B shareholders do not tender their shares, the new company will not be able to access the cash flows of Company B.
The name given to the group of investors refusing to tender their shares into a corporate action, such as a merger or acquisition.