Acquirer obligations require firm financial arrangements, escrow creation, disclosure and restricted board appointments during takeover offers. Regulation 22 requires the acquirer to announce an offer only when able to implement it, send the draft letter of offer promptly to the target board and listing exchanges, and ensure the letter reaches all registered shareholders and eligible custodians and security holders within the prescribed timetable. The regulation prescribes the latest opening date and minimum offer period, permits withdrawal of acceptances within a limited window, mandates director responsibility for offer documents, and requires creation of an escrow, firm financial arrangements and disclosure of such arrangements.