Comment on the following statement: In terms of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, 'offer period' and 'tendering period' are one and the same.

The statement that 'offer period' and 'tendering period' are one and the same is incorrect . Offer period: This term pertains to the period starting from the date of the event triggering the open offer until the completion of payment of consideration to shareholders by the acquirer or withdrawal of the offer, as the case may be. It encompasses the entire process from public announcement to final settlement. Tendering period: This term refers specifically to the 10 working days period falling within the broader offer period, during which the eligible shareholders who wish to accept the open offer can tender their shares in the open offer. Thus, the tendering period is a specific, shorter window within the overall offer period.