How to subscribe within Public Tender Offers carried out through the BVB

Hi! Even though they are called “buy offers”, you, as a holder of financial instruments (shares, bonds), will actually be able to sell these instruments within the offer to the party launching the offer, who will buy them at a price set within the range specified in the offer documentation.

Subscriptions—or rather sell orders—within Public Tender Offers are very similar to a normal trading order. However, there are a few small details you should know so that subscribing feels like a walk in the park. Tender offers are even simpler than sale offers because, as a rule, they have only one technical market, where anyone who holds the symbol that is the subject of the offer can place a sell order.

Even though they are simpler than Public Sale Offers, you still need to read the offer document / prospectus. By submitting an order within the offer, you effectively confirm that you have read, understood, and accepted the terms and conditions of the offer.

It is important to read the prospectus before placing the order, because most tender offers do not allow order revocation.

At the same time, you cannot participate in a tender offer unless the instruments are free of any encumbrances. This means you cannot use instruments that are pending settlement or otherwise restricted.

But the key question is: “How do you place the order”?

As mentioned above, for a Public Tender Offer things are simpler: when completing the order, you only need to choose a dedicated technical market instead of the Main market. Thus, if you hold the instruments during the offer period, you log in to the ArenaXT-web application, open a sell order, search for the symbol, and then, in the box on the right where it says Main, select the offer market, which, depending on the case, may be:

POF for instruments on the regulated market

POFX for instruments on the AeRO market

POFB for bonds

Here is an example:

Or another example for instruments on the AeRO market:

After selecting the market, select the account in which you hold the instruments.

Then, you must choose the OPEN validity term (Open).

Here is an example:

Finally, enter the quantity and the price (if the price is outside the accepted range, the application will notify you immediately).

At the end, confirm the order and you’re done! 😊

In conclusion, remember the following about participating in Public Tender Offers:

• The instruments you place in an offer must be free of encumbrances (instruments pending settlement are not accepted)
• Select the technical market of the offer in which you are allowed or wish to participate
• Orders must be placed with the OPEN (Open) validity term
• The offer may allow revocable or irrevocable subscriptions (usually they are irrevocable)

And one more thing: the terms and conditions of the offer may be amended during the offer through an amendment to the offer prospectus by the initiator. In that case, you will have the right, within a relatively limited timeframe, to revoke your subscription(s).