Acceptance of discovered price: acquirer must accept shares at discovered or indicative price; counter offer subject to conditions. Regulation 22 binds the acquirer to accept tendered shares at the discovered price when it equals the floor or the indicative price, and to accept at the indicative price when the discovered price is above the floor but below the indicative price; this does not apply if the discovered price exceeds the indicative price. For reverse book building, a counter offer is permitted only if the acquirer's post offer shareholding with tendered shares reaches at least seventy five percent and at least fifty percent of public shareholding is tendered; the counter offer must be made within two working days and the price must be no less than the higher of the VWAP of tendered shares (with VWAP computation rules tied to a ninety percent threshold) and the indicative price.