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of <h1>Regulation 20: Competing Offers in Share Acquisitions Must Match or Exceed Initial Offer; Equal Timelines Enforced</h1> Regulation 20 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, addresses competing offers in the context of open offers for acquiring shares of a target company. It allows any person, apart from the initial acquirer, to make a public announcement of an open offer within fifteen working days of the initial offer. Competing offers must match or exceed the initial offer in terms of shareholding. The regulation mandates identical timelines for all competing offers and permits revisions to offer terms to benefit shareholders. Specific conditions and restrictions apply to ensure compliance with the regulations.
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