A “takeover bid” is an offer addressed to each shareholder of a company, whose
shares are not closely held, to buy his shares in the company at the offered price within
the stipulated period of time.
Now what is mean by shareholders whose shares are closely held?
Thanks
Closely held shares are shares in a publicly traded company which is held by a small group of shareholders control the majority of shares ; these shareholders are either directly affilated to the management / with the company. On the minority shares are traded in the market (thinly traded) as the majority is being held by these shareholders
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