Usually used in the context of a merger or acquisition. A group of shareholders who refuse to tender their shares for a merger or acquisition. In a merger of Company A and Company B for example, if a sufficient number of Company B shareholders do not tender their shares, the new company will not be able to access the cash flows of Company B.
That part of a rights issue which is not subscribed for by existing shareholders and which is then either taken up by the underwriters, or placed by the brokers to the issue shortly after the end of the subscription period.
The name given to the group of investors refusing to tender their shares into a corporate action, such as a merger or acquisition.