What is a "Voluntary Offer" as per Regulation 6 of Takeover Code 2011?

Voluntary Offer (Regulation 6) A voluntary open offer under Regulation 6 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, is an offer made by a person, who himself or through 'persons acting in concert' (PACs), if any, holds 25% or more shares or voting rights in the target company, but less than the maximum permissible non-public shareholding limit, for such number of shares such that the aggregate of the shareholding of the acquirer after the offer shall not exceed the maximum permissible non-public shareholding. Restrictions on Voluntary Offer A voluntary offer cannot be made if the acquirer or 'persons acting in concert' (PACS) with him has acquired any shares of the target company in the 52 weeks prior to the voluntary offer without attracting the provisions of the regulations, to make a public announcement. The acquirer is prohibited from acquiring any shares during offer period other than those acquired in the open offer. The acquirer is also not entitled to acquire any share for a period of 6 months, after completion of open offer, except pursuant to another voluntary open offer.