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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