What does the term "all holders best price" mean in a tender offer?

In a tender offer, the term "all holders best price" refers to the principle that all shareholders who tender their shares in response to the offer will receive the same price per share, regardless of the number of shares they own or when they tender their shares during the offer period. This ensures fairness among all participating shareholders, so everyone who accepts the offer does so under identical conditions.

This approach is designed to prevent favoritism in share purchases and ensures that smaller shareholders are treated equally to larger ones. Since the all holders best price stipulates a uniform price for all shareholders who decide to tender, it simplifies the transaction process and enhances the transparency of the offer.