What is competing offer? What is the timeliness in case of competing offer?

Definition of Competing Offer As per Regulation 20(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, upon a public announcement of an open offer for acquiring shares of a target company being made, any person, other than the acquirer who has made such public announcement, shall be entitled to make a public announcement of an open offer within fifteen working days of the date of the detailed public statement made by the acquirer who has made the first public announcement. The open offer made under this sub-regulation shall be for such number of shares which, when taken together with shares held by such acquirer along with persons acting in concert with him, shall be at least equal to the holding of the acquirer who has made the first public announcement, 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 pursuant to which the open offer is made. Every open offer made under this sub-regulation and the open offer first made shall be regarded as competing offers. Timeliness in case of Competing Offer The schedule of activities and the tendering period for all competing offers shall be carried out with identical timelines. The last date for tendering shares in acceptance of every competing offer shall stand revised to the last date for tendering shares in acceptance of the competing offer last made.