take-over offer

the offer to acquire or the acquisition of any equity security of a target company, pursuant to a tender offer or request or invitation for tenders, if after the acquisition thereof the offeror would be directly or indirectly a beneficial owner of more than five per cent (5%) of any class of the outstanding equity securities of the issuer.

Defined by the Supreme Court in Leroy v. Great Western United Corporation, 443 U.S. 173 (1979).