Why do companies who want to acquire a target company, go for tender offer & want to pay a premium to the existing shareholder, when they can just buy the required quantity without premium FROM the open market?

Question

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In: Economics

Answer 1

because buying a controlling portion shares isnt a reliable or easy way to take over a company. in many cases a controlling amount of share isnt even available on the market; and there are poison pills and bylaws about what stock majority holders can and cant do.