A formal offer to all or a large group of stockholders to purchase their shares on fixed and substantially non-negotiable terms. The party making the offer customarily reserves the right to accept all, none, or a specific number of the shares presented for acceptance. In the USA, tender offers of public companies are regulated under the Securities Exchange Act of 1934. In the UK, tender offers are regulated by the City Code on Takeovers and Mergers and the Panel on Takeovers and Mergers. See 'Takeover Panel'.