1.   It also prescribed new regulations governing tender offers.

2.   The tender offer involves an offer to the public to bid for the shares but with a minimum subscription price.

3.   All other gilt-edged tender offers stipulate a minimum price for offers.

4.   A buy-back tender offer occurs where shareholders are invited to offer their shares to the company at a price not exceeding the stated maximum price.

5.   A tender offer may be used as part of a stakebuilding strategy.

6.   This sounds fine in theory but tender offers are rarely used in practice.

7.   They might therefore be fearful of losing out if they accept a tender offer prematurely.