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Competitive bid.

ON OF SHARES AND TAKEOVERS) REGULATIONS, 1997 - Regulation 25 - 25. (1) Any person, other than the acquirer who has made the first public announcement, who is desirous of making any offer, shall, within 21 days of the public announcement of the first offer, make a public announcement of his offer for acquisition of the shares of the same target company. Explanation.-An offer made under sub-regulat .....

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titive offer by an acquirer shall be for such number of shares which, when taken together with shares held by him along with persons acting in concert with him, shall be at least equal to the 4[holding of the first bidder including the number of shares for which the present offer by the first bidder has been made.] (4) Upon the public announcement of a competitive bid or bids, the acquirer(s) who .....

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revisions in his offer(s), in respect of the price and the number of shares to be acquired, at any time up to seven working days prior to the date of closure of the offer: Provided that the acquirer shall not have the option to change any other terms and conditions of their offer 7[except the mode of payment following an upward revision in offer]: Provided further that any such upward revision sha .....

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ose on the same date. - Notes: 1. Substituted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2001, w.e.f. 12-9-2001. Prior to its substitution, sub-regulation (2A) as inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2001, dated 17-8-2001, read as under: "(2A) No public announcement for an offer or co .....

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es and Takeovers) (Second Amendment) Regulations, 2002, w.e.f. 9-9-2002. Prior to its substitution, the clause read as under: make an announcement (a) revising the offer; or (b) withdrawing the offer, with the prior approval of the Board. 6. The words but have not withdrawn the offer in terms of sub-regulation (4) omitted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendm .....

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