Write notes on the following: (i) Public Announcement

A public announcement is an announcement made in the newspapers by the acquirer primarily disclosing his intention to acquire shares of the target company from existing shareholders by means of an open offer. SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST Regulations), provide that whenever an acquirer acquires shares or voting rights of the target company in excess of the limits prescribed under Regulation 3 and 4, the Acquirer is required to give a Public Announcement of an Open Offer to the shareholders of the Target Company. During the Public Announcement of an Open Offer, the Acquirer is required to give a Public Announcement and publish a detailed Public Statement. The regulations have prescribed separate timelines for both the Public Announcement and the Detailed Public Statement.