Open-offer pricing and tendering

An acquirer agrees to buy a 30% stake from the promoter at ₹250. In the 52 weeks before the announcement it bought shares at a volume-weighted average of ₹228, with a highest price of ₹240 in the last 26 weeks. The 60-trading-day VWAP is ₹230 (illustrative). (a) What is the minimum open-offer price under Regulation 8(2)? How large must the offer be? (b) Public shareholders own 45% and all tender. The stock trades at ₹245 and you expect ₹200 after the offer. Compute the value of tendering 100 shares and the return on buying them at ₹245, and the post-offer price at which you break even. (c) Repeat (b) if only 30% of the shares are tendered. (d) Why does the post-offer price usually fall below the pre-announcement price in Indian open offers? Give two reasons.