A public tender offer (offre publique d'achat — OPA) is a proposal made publicly by an acquirer to purchase the listed shares of a target company at a defined price, typically above the market price, within a specified acceptance period. It may be friendly (with board approval) or hostile (without it). In France, the AMF regulates tender offers; in Switzerland, the FINMA-supervised Takeover Board (COPA). Beyond specified ownership thresholds (90% in Switzerland), the acquirer may launch a squeeze-out to acquire 100%. An independent fairness opinion is a regulatory requirement in most jurisdictions.

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Example: a Swiss listed industrial company receives a friendly public tender offer at CHF 58/share — a 38% premium over the pre-announcement price of CHF 42. An independent expert mandated by the board confirms that CHF 58 falls within the fair value range (CHF 52–64), recommending acceptance. The offer succeeds with 94% acceptance rate — triggering a subsequent squeeze-out at the same price for the remaining 6%.

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Hectelion provides independent fairness opinions and valuation reports in public tender offer contexts for boards, special committees and institutional shareholders.