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of <h1>Acquirer can set a minimum acceptance level for open offers under Regulation 19; failure cancels the deal.</h1> Regulation 19 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, allows an acquirer to make an open offer conditional on achieving a minimum level of acceptance. If the required acceptance level is not met, the acquirer is not obligated to acquire any shares, and the related agreement will be rescinded. During the offer period, the acquirer and associated parties are prohibited from acquiring shares in the target company outside the open offer and the agreement that initiated the offer.
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