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In an Open Offer under the Takeover Code, an acquirer makes an Open Offer for the entire non promoter shareholding of the company

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In an Open Offer under the Takeover Code, an acquirer makes an Open Offer for the entire non promoter shareholding of the company. Which of the following scenarios is valid under the Takeover Code?

(a) The public response is for the entire offer whereby the acquirer becomes 100% shareholder of the company

(b) The Open Offer is rejected by the public in full and the acquirer gets to keep only the shares already acquired before the open offer.

(c) The public accepts 25% of the offer whereby the acquirer’s post-offer stake settles at 56%.

(d) The public accepts 75% of the offer whereby the acquirer’s post-offer stake settles at 76%.