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Competitive bid.

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..... 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-regulation (1) shall be deemed to be a competitive bid. (2) No public announcement for an offer or competitive bid shall be made after 21 days from the date of public announc .....

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..... 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 had made the public announcement(s) of the earlier offer(s), shall have the option to 5[make an announcement revising the offer]: Provided that if no .....

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..... r 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 shall be made only upon the acquirer,- (a) making a public announcement in respect of such changes or amendments in all the newspapers i .....

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..... tions, 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 competitive bid shall be made after the central government has entered into a Share Purchase or Shareholder s Agreement with the acquir .....

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..... 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 The words but have not withdrawn the offer in terms of sub-regulation (4) omitted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2002, w.e.f. 9-9-2002. 7. Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) .....

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