In a mandatory offer the price is calculated under the rules of the communiqué, giving minority shareholders an exit. Voluntary offers may be made to build a stake or acquire a listed company.
Source: SPK II-26.1 Pay Alım Teklifi Tebliği
Related terms
Initial public offering (IPO)A company's shares being offered to investors for the first time with CMB approval and starting to trade on the exchange.Control premium and discount for lack of marketabilityA control premium is the extra amount paid for a stake that gives control of a company; a discount for lack of marketability is a reduction in value for shares that cannot easily be sold.Squeeze-out and sell-out rightsIn a listed company, the right of a shareholder reaching a very high statutory share of voting rights to buy the remaining shares (squeeze-out), and the minority's right to sell their shares to that shareholder (sell-out).Asset-backed securityDebt instruments created by transferring cash-generating assets such as loans, leases or trade receivables to a fund or special purpose vehicle and repaid from those assets' cash flows.Authorised capital systemA system under which the board may increase capital up to a ceiling set in the articles of association without a general assembly resolution.Bonus issueIssuing shares to shareholders by adding a company's internal resources (reserves, retained earnings, capital adjustment differences) to its capital.
Last updated: November 8, 2026 · This definition is for general information only.