This time period for tendering is usually twenty and sixty days.
Under certain circumstances, the time period may be extended.
If you don't tender your shares within that window of time, you may be stuck with the shares and have to try selling them directly in the market.
You may end up with another fixed price at which the company will buy them from you.
Either way, it may not be as good a deal as the tender offer.
Withdrawing shares from being tendered
During the time period to tender your shares, you also have the right to untender them.
After you tender your shares,
- you may decide not to wait until the tender to sell them or
- you may decide you want to hold the shares for the long term.
Whatever the reason, once tendered, they can be untendered during the window for tendering.
If the tender offer is increased in price after you have tendered your shares, you automatically receive the increased price for your shares.