(in UKLR120) 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:
- (a) communicated to all holders of that class by means of a circular or advertisement in two national newspapers;
- (b) open to all holders of that class on the same terms for at least seven days; and
- (c) open for acceptance by all holders of that class pro rata to their existing holdings.18
