Comment on the following: A conditional offer and a competing offer are one and the same under SEBI (SAST) Regulations, 2011.

'Conditional offer' and 'competing offer' are different under SEBI (SAST) Regulations, 2011. Conditional offer: As per regulation 19, a conditional offer is an open offer to acquire shares along with the condition as to the minimum level of acceptance. If shares up to a minimum level are not offered to the acquirer, he may not acquire any shares. Competing offer: As per regulation 20, when a public announcement for acquiring shares of a target company in an open offer is 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. Unless the open offer first made is an open offer conditional as to the minimum level of acceptances, no acquirer making a competing offer can be made conditional as to the minimum level of acceptances.