Competitive bid: rival offer must match first bidder's holding and follows unified closure and revision rules. Regulation 25 requires any person other than the first acquirer who wishes to make an offer to publicly announce it within the prescribed period after the first announcement, and prohibits competing announcements after that period or after certain prior public announcements by an acquirer. A competitive offer must, with concert parties, at least equal the first bidder's holding including shares subject to that bidder's offer. Earlier acquirers may revise offers within a response period; if not, original offers remain binding with closing dates aligned to the last subsisting competitive bid. Upward revisions in price or shares are permitted before closure subject to specified publicity, to regulators and exchanges, and increased escrow.