A tender offer is A. a goodwill gesture by a "white knight." B. a would-be acquirer's offer to buy stock directly from shareholders.

It is a B

B

A Tender offer is an offer to do something .... in Capital issues, an offer issued directly to shareholders to buy their shares.

In constructions, it would biding to construct.

A tender is written legal communications that offer do to something to another party.

With thanks ...

agreed with all

Agreed with the answers to colleagues

Option B

Thanks.

I would agree with Mr. Jetley on B. a would-be acquirer's offer to buy stock directly from shareholders.  

Thanks for invitation 

Very good and informative Question

I will be go with option of ( B )

One of the options for buy back:   tender would-be acquirer's offer to buy stock directly from shareholders in this contest.