As per provisions of Takeover code, an acquirer, along with Persons acting in concert (PAC), if any, who intends to acquire shares which along with his existing shareholding would entitle him to exercise 25% or more voting rights, can acquire such additional shares only after making a Public Announcement (PA) to acquire minimum twenty six percent shares of the Target Company from the shareholders through an Open Offer. Hence, voluntary open offer is given by the acquirer who have already given mandatory open offer and completed its compliances and now he again wants to give voluntary open offer.

Answer given by Shubhamm Sir at 28-Apr-2023 07:09 PM