Got this from the Yahoo board.
Just in case those on this message board are not aware...a tender offer is used when there is a hostile take over or hesitant sellers who seem to be dragging their feet; even absent approval from the board. If you would note the language in the last communique by IA, it mentions a tender offer as a possible consequence. Again, not one that must happen.
Often a delay like this might be the result of insider news/evaluation of information that would make the sellers believe their firm is valued more highly (in the case of NSOL, more than the initial offer of 1.50 p/s). In truth, as a shareholder, the delay is actually good news. Why?
Should an actual tender offer be made at this point, it would have to be greater than the initial 1.50 p/s because a tender offer indicates the buyer wants the firm and to get it must transcend the board. Thus, a tender offer is made to all shareholders, which they vote upon and, should a majority agree, would force the sale at the tender offer price. And, that is why it would be higher - to take the firm away from the board's control.
OBTW: Should the board somehow blow this thing up, through no fault of the acquiring company, the shareholders would have legal grounds for a class-action lawsuit to compel the sale - UNLESS, the announcement of the failed merger was followed by information that drove the stock north of 1.50 p/s.
