Cassandra is a major shareholder in Choi Design. Rumors are circulating that Cassandra is displeased with Choi's financial performance and will solicit the votes of other shareholders in order to take over the firm. To prevent this outcome, Chol's board of directors has agreed to offer Cassandra $28 per share to acquire all of her shares of the firm. The current market value per share is $25. This offer to purchase Cassandra's shares is commonly referred to as: