Comment on the following statement: Revision of offer price can be made by the acquirer upward but that can be exercised only in the event of there being a competing offer.

The statement that revision of offer price can be made by the acquirer upward but that can be exercised only in the event of there being a competing offer is not correct . As per Regulation 18(4) and 18(5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, an acquirer may make upward revisions to the offer price, and subject to the other provisions of these regulations, to the number of shares sought to be acquired under the open offer, at any time prior to the commencement of the last three working days before the commencement of the tendering period. This revision can be made irrespective of whether a competing offer has been made or not . While a competing offer often prompts such revisions, it is not a prerequisite for an acquirer to increase their offer price.