et shareholders receive the cash (or other consideration), or in a tender offer that gives the target shareholders a choice to tender into the offer or not. Then there will be a merger where the target is merged into the buyer’s subsidiary and the target shareholders are forcibly squeezed out, receiving the merger consideration. (if you want to know why you would choose one structure over another, I wrote <a href="http://dealbook.nytimes.com/2009/10/14/the-peculiarities-of-tender-offers/?_r=0">a good prim