tender

/ˈtendər/ noun

Definition

› [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] (also tender offer) FINANCE, STOCK MARKET 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

(Definition of tender noun from the Cambridge Business English Dictionary © Cambridge University Press)