Critically examine the following: An open offer for acquiring shares in the target company once made cannot be withdrawn.

Answer 6(a) False. Regulation 23 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 enumerates the circumstances under which an open offer for acquiring shares once made may be allowed to be withdrawn. Accordingly, an open offer made may be withdrawn if: statutory approvals required for the open offer or for effecting the acquisitions attracting the obligation to make an open offer under these regulations having been finally refused, subject to such requirements for approval having been specifically disclosed in the detailed public statement and the letter of offer; the acquirer, being a natural person, has died; any condition stipulated in the agreement for acquisition attracting the obligation to make the open offer is not met for reasons outside the reasonable control of the acquirer, and such agreement is rescinded, subject to such conditions having been specifically disclosed in the detailed public statement and the letter of offer; or such circumstances as in the opinion of the SEBI, merit withdrawal.