Comment on the following: Open offer can be withdrawn under Regulation 23 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

An open offer once made cannot be withdrawn except in the following circumstances: Statutory approvals required for the open offer or for effecting the acquisitions attracting the obligation to make an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 DPS and the letter of offer; Any condition stipulated in the SPA attracting the obligation to make the open offer is not met for reasons outside the reasonable control of the acquirer, subject to such conditions having been specifically disclosed in the DPS and the letter of offer; Sole acquirer being a natural person has died; Such circumstances which in the opinion of SEBI merit withdrawal of open offer.