Markets regulator SEBI came out with the framework and timeline for the counter offer process. The counter offer is made in case the price discovered through reverse book building (RBB) is not acceptable to the promoter or the acquirer. The book value per share of the company shall be disclosed in the public announcement for counter offer, the regulator said in a circular. Additionally, the letter of offer shall contain details of the counter offer, activity schedule, among other details in a prescribed format. SEBI said the promoters or acquirers making public announcement of the offer through stock exchange mechanism shall do so within two days from the date of closure of RBB bidding process. The publication of counter offer will have to be made in the same newspapers where the original RBB was published, within four days from the closure of the RBB bidding process, it added. The opening of counter offer bidding process shall not be done later than seven days from the date of public announcement, while its closing shall be done within five working days of its opening.