exchange offer
noun[C]
FINANCEukusanoccasionwhen acompanyofferstobuyitsown or another company'ssharesfromexistingshareholdersofferingsecurities(=financialassetssuch assharesandbonds)aspaymentinsteadofcash:
Themobilecommunicationsgroupimproved4.5p to 38.5p afteragreeingashareexchangeoffersaid to beworth41.9p ashare.