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A tender offer is only open for a limited period of time and is made to each individual security holder. That means each security holder can decide for him or herself whether to tender his or her securities. In addition, the terms of the tender offer, such as the price offered to purchase securities, are fixed.
Schedule 14D-9 is a filing with the Securities and Exchange Commission (SEC) when an interested party, such as an issuer, a beneficial owner of securities, or a representative of either, makes a solicitation or recommendation statement to the shareholders of another company with respect to a tender offer.