What it is
The buyer announces a price, number of shares and offer period, then buys the shares that holders tender. Tender offers are used for takeovers, raising a stake, voluntary delistings and companies buying back their own shares.
When it is required
Under Korean law, anyone buying shares outside the exchange from 10 or more people within six months, ending up with 5% or more together with related parties, must do so by tender offer. The buyer files a tender offer statement on DART, and the offer period must be 20 to 60 days.
What to keep in mind
Offer prices are usually set above the pre-announcement share price. If more shares are tendered than sought, the buyer may accept them pro rata, and the share price can fall below the offer price after the period ends. Results appear in a tender offer result report.
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This explanation is general information, not investment advice. Rules reflect September 2026 and may change; check official exchange and broker notices.