Delisting

The removal of a company's shares from the exchange, either voluntarily by the promoter buying out the public holders, or compulsorily by the regulator.

A voluntary delisting requires the promoter to acquire the public shares through a process where the price is discovered from shareholder bids rather than set by the acquirer, and it succeeds only if enough shares are tendered.

For a minority holder the situation is unusual, because the normal exit disappears if the delisting succeeds and the holder did not tender. Holding an unlisted share of a company controlled by someone who wanted you gone is a poor position.

Delisting attempts carry their own premium dynamics and the announced price is rarely the final one.