Delisting offer failure: share release, acquirer bears costs, and a six month bar on reoffering applies.

Regulation 23 provides that a delisting offer fails if the minimum shares under regulation 21 are not tendered or offered, or if the acquirer rejects the price from the reverse book building process. On failure, tendered or offered shares are released on the relevant disclosure or public announcement date or per Schedule IV for counter-offers. The acquirer bears all offer expenses and is prohibited from making another delisting offer for six months, with exceptions for delisting by new promoters via re-classification and for offers under regulation 5A of the Takeover Regulations.

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