One-Step Merger (M&A Glossary)

Summary

A merger involving a public target in which the buyer acquires control of the target through a tender offer and a stockholder vote. Because generally a stockholder vote must be done via a SEC-regulated proxy solicitation process, a one-step merger can take considerably longer than a two-step merger, which can be accomplished without a stockholder vote if the tender offer reaches the statutory threshold (generally 85% to 90%) of shares tendered.