In a buy-out deal, the existing promoters with 34% stake wish to exit the company selling their entire stake to the acquirer

In a buy-out deal, the existing promoters with 34% stake wish to exit the company selling their entire stake to the acquirer. The rest of the shareholding is with the public. The acquirer is open to the option  of the company being listed or not. CMP = Rs.110 per share, Average market price under SEBI formula = Rs.93 per share, negotiated price with promoters = Rs.125 per share.

(i) Does the open offer get triggered?

(a) Yes       (b) No

(ii) What would be the applicable price for the open offer?

(iii) What is the minimum and maximum size of the open offer?