Document background
The Tender Offer Memorandum is a crucial document in Indian corporate acquisitions, required when an acquirer seeks to purchase a substantial stake in a listed company through a public offer to shareholders. This document must strictly comply with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, particularly when the proposed acquisition triggers mandatory open offer requirements (typically at 25% shareholding). The memorandum serves as the primary disclosure document that enables shareholders to make an informed decision about tendering their shares. It contains comprehensive information about the offer terms, acquirer's background, financial arrangements, regulatory approvals, and other material information. The document is particularly significant in the Indian market where corporate governance and minority shareholder protection are key regulatory focuses.
