December 07, 2021
1. Acquirer to declare the intention to delist the target company in the public announcement of an open offer, in addition to the existing requirement of disclosing it in the detailed public statement, except where the open offer is for an indirect acquisition that is not a deemed direct acquisition.
2. The public announcement, the detailed public statement and the letter of offer to mention the open offer price determined in accordance with regulation 8 of the Code and the indicative price for delisting, which shall not be less than book value and shall include suitable premium which the acquirer is willing to pay, as determined under the Delisting Regulations. An explanation setting out the rationale and basis for justifying the indicative price shall also be disclosed.
3. Shareholders who have tendered their shares shall be entitled to withdraw such shares tendered, within 5 working days (as against 10 working days) from the date of the announcement of the offer.
4. Procedure which the acquirer has to carry out if the target company fails to get delisted but which results in the shareholding of the acquirer exceeding the maximum permissible non-public shareholding threshold is also prescribed.