In a vendor consideration placing, who pays cash for the target shares?

In a vendor consideration placing, the offeror is the entity that pays cash for the target shares. This type of transaction often involves the offeror who is looking to acquire ownership in another entity, typically through a placement of shares. The offeror may use this approach to raise capital or acquire assets by directly negotiating the purchase of shares from the target company's shareholders.

In this context, the offeror is responsible for the cash payment as they seek to take ownership of the shares being offered. The intermediary or marketing bank may facilitate the transaction, but the cash flow for the share acquisition ultimately stems from the offeror.

Other parties mentioned have different roles. For example, the intermediary or marketing bank assists in executing the transaction, but they do not directly purchase shares. Institutional investors might participate by receiving shares or selling them but do not pay cash in the context of vendor consideration placing. Hence, the clear delineation of roles within this transaction highlights why the offeror is the correct answer, as they are the party responsible for the cash payment in acquiring those shares.