Open offer procedures: strict dispatch, revision, disclosure and payment timelines to protect shareholder participation and settlement.

Regulation 18 requires the acquirer to dispatch the letter of offer to shareholders promptly after Board comments, permit electronic delivery with physical copies on request, and allow limited non-dispatch into foreign jurisdictions posing material legal risk where affected shareholders hold under five per cent voting rights, while preserving all shareholders' entitlement to tender. The acquirer must send the letter to custodians of depository receipt shares, may revise price or size upward before the last one working day prior to tendering, increase escrow on revision, announce revisions publicly and notify the Board, exchanges and the target company, and disclose acquisitions by the acquirer or persons acting in concert within twenty-four hours.

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