Sebi notifies takeover norms; open offer trigger at 25

The new norms also does away with the non-compete fee. The notification states the price paid for shares of the target company shall include any price paid to gain control. On competing offers,the new code says that any person,other than the acquirer who has announced an open offer,shall be entitled to make a competing open offer within 15 working days of the date of the detailed public statement made by the original acquirer.

The competing offer has to be for a number of shares which when taken together with shares held by the rival acquirer,shall be at least equal to the holding of the original acquirer,including the number of shares proposed to be acquired by him under the offer and any underlying agreement for the sale of shares of the target company.