https://www.taxtmi.com/caselaws?id=392429 In a takeover open offer governed by the regulations in force on the public announcement date, the offer price had to be fixed by reference to the original trigger date and the applicable market-based formula; later valuation exercises and a subsequent claim that the target became infrequently traded were irrelevant. The challenge to reassess the price therefore failed. Interest on delay in completing the open offer was compensatory and confined to shareholders who met the relevant reference-date entitlement criterion and remained eligible through closure; a claim by all shareholders was rejected. The document records that the overall challenge to the offer price and the broader interest claim did not succeed. en-us Wed, 11 Dec 2019 00:00:00 +0530 Thu, 20 Feb 2020 11:29:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392429 In a takeover open offer governed by the regulations in force on the public announcement date, the offer price had to be fixed by reference to the original trigger date and the applicable market-based formula; later valuation exercises and a subsequent claim that the target became infrequently traded were irrelevant. The challenge to reassess the price therefore failed. Interest on delay in completing the open offer was compensatory and confined to shareholders who met the relevant reference-date entitlement criterion and remained eligible through closure; a claim by all shareholders was rejected. The document records that the overall challenge to the offer price and the broader interest claim did not succeed. Case-Laws SEBI Wed, 11 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392429