Competitive bid.

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.... is desirous of making any offer, shall, within 21 days of the public announcement of the first offer, make a public announcement of his offer for acquisition of the shares of the same target company. Explanation.-An offer made under sub-regulation (1) shall be deemed to be a competitive bid. (2) No public announcement for an offer or competitive bid shall be made after 21 days from the date....

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.... with persons acting in concert with him, shall be at least equal to the ^4[holding of the first bidder including the number of shares for which the present offer by the first bidder has been made.] (4) Upon the public announcement of a competitive bid or bids, the acquirer(s) who had made the public announcement(s) of the earlier offer(s), shall have the option to ^5[make an announcement revis....

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....red, at any time up to seven working days prior to the date of closure of the offer: Provided that the acquirer shall not have the option to change any other terms and conditions of their offer ^7[except the mode of payment following an upward revision in offer]: Provided further that any such upward revision shall be made only upon the acquirer,- (a) making a public announcement in respe....

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....---- Notes: 1. Substituted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2001, w.e.f. 12-9-2001. Prior to its substitution, sub-regulation (2A) as inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2001, dated 17-8-2001, read as under: "(2A) No public announcement for an offer or competitive bid s....