Public Purchase Offer means any offer, invitation to offer or promotional message aimed at the purchase of financial products: it is therefore an exhortation to the shareholders of the target company to disinvest, by the person making the offer. An offer is considered public if it is addressed to more than 150 persons and if it concerns a total value of the securities to be offered equal to or higher than 8 million euros.
In the legal system, the offer is considered public if it is addressed to more than 150 persons and if it concerns a total value of the securities to be offered equal to or higher than 8 million euros.
In the Italian legal system, takeover bids are currently governed by articles 101bis - 112 of the Consolidated Law on Finance (TUF) contained in Legislative Decree 58/98, as well as by the implementing rules on issuers contained in the Consob regulation.