In an open offer, the schedule of activities and the timelines of all competing offers shall be identical. Explain.

A competitive offer is an offer made by a person, other than the acquirer who has made the first public announcement. A competitive offer shall be made within 15 working days of the date of the Detailed Public Statement (DPS) made by the acquirer who has made the first Public Announcement (PA). If there is a competitive offer, the acquirer who has made the original public announcement can revise the terms of his open offer within 14 days of the competitive offer, provided the revised terms are favourable to the shareholders of the target company. Further, the bidders are entitled to make revision in the offer price up to 3 working days prior to the opening of the offer. The statement that the schedule of activities and the timelines of all competing offers shall be identical means that once a competitive offer is made, SEBI ensures a level playing field for all acquirers. This is achieved by synchronizing the key dates and periods for all offers, including the original offer and any subsequent competitive offers. This ensures that shareholders have a clear and consistent timeframe to evaluate all offers and tender their shares, preventing any single offeror from gaining an unfair advantage due to differing schedules.