Comment on the following: An open offer made under SEBI (SAST) Regulations, 2011 cannot be withdrawn except under certain circumstances.

As per regulation 23 of the SEBI (SAST) Regulations, 2011, an open offer once made cannot be withdrawn except in the following circumstances: Statutory approvals required for the open offer or for effecting the acquisitions attracting the obligation to make an open offer have been refused subject to such requirement for approvals having been specifically disclosed in the detailed public statement and the letter of offer; 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to make the open offer is not met for reasons outside the reasonable control of the acquirer, and such agreement is rescinded, subject to such conditions having been specifically disclosed in the detailed public statement and the letter of offer; The acquirer, being a natural person, has died; Such circumstances which in the opinion of SEBI merit withdrawal of open offer.