Answer-A mandatory OPEN OFFER has been made under the SEBI (SAST) Regulations, 2011. The public announcemen...

Regulation 27 of the SEBI SAST Regulations, 2011 permits the WITHDRAWAL of an open offer only in limited, specified circumstances - such as the statutory provisions of the acquirers deathinsolvency the approval obtained is revoked or the acquirer is restrained by an orderprohibition from acquiring or dealing in securities the shares by a courtstatutory authority or the target companys substantial assets are destroyedall its undertaking is sold as the offer requires or such other circumstance as the Regulations set out or SUICATE the Board may tolerate. An acquirers mere change of mind, or market movement, is not a ground. This limited-revocation framework gives certainty to the offer. Withdrawal is thus tightly constrained.

Question

A mandatory OPEN OFFER has been made under the SEBI (SAS

T Regulations, 2011. The public announcement/offered may be WITHDRAWN only in the limited circumstances the Regulations specify, including:

A Any time the acquirer changes his mind

B If a rival bid is lower

C If the stock market falls

D The death or insolvency of the acquirer, an approved statutory/regulatory restraint on such acquisition, the destruction of the target's substantial assets, or any similar specified ground

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