Delisting offer: acquirer may delist when making an open offer, with specified failure announcements and tender rights. An acquirer making an open offer may seek delisting if disclosed upfront; failure of the delisting requires prompt public announcement, filing of a draft letter of offer through the manager within a short period, payment of interest enhancing the offer price for delay, and compliance with takeover provisions. Competing offers bar delisting and remove interest liability for delays due to competition. Tendered shares may be withdrawn within a set window after failure announcement; non-tendering shareholders may still tender. The acquirer must facilitate tendering and settlement via stock-exchange mechanisms and may complete the acquisition only after a public announcement of delisting success.