A tender offer is a voluntary offer to stockholders that can be made by the company that issued the shares, another company, or an individual interested in acquiring all or part of the company. The offer is to purchase stockholder shares at a certain price by a certain date. Stockholders tender their shares by signing a voluntary offer instruction (VOI) and submitting it (along with physical certificates, if any) to DTC or the buyer's tender agent by the designated expiration date. Payment terms may include cash, securities, or a combination of both.