Sebi suspects share price foul play through open offers

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SummaryOpen offer price is determined on the basis of average prevailing market price of the concerned company.

was not successful.

In this regard, it has been proposed that such acquirer should not be allowed to withdraw the open offer on such grounds and certain deterrents be put in place for the

acquirers in making frivolous offers to public shareholders.

Sebi had implemented a major overhaul of its takeover regulations in October 2011, while certain changes were made to these norms last month based on the experience gained from the market and to bring in more transparency for the benefit of public shareholders as well as the corporates.

The regulator may consider further changes to the takeover norms, based on feedback from investors and other entities.

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