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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

tender offer

    (in LR) an offer by a company to purchase all or some of a class of its listed equity securities at a maximum or fixed price (that may be established by means of a formula) that is:

      1. (a) communicated to all holders of that class by means of a circular or advertisement in two national newspapers;
      1. (b) open to all holders of that class on the same terms for at least seven days; and
      1. (c) open for acceptance by all holders of that class pro rata to their existing holdings.18