Withdrawal of open offer permitted only in specified circumstances; acquirer must publicly announce grounds and notify regulator and exchanges. An open offer may be withdrawn only in narrowly defined situations: final refusal of disclosed statutory approvals; death of a natural person acquirer; failure of a disclosed agreed condition for reasons beyond the acquirer's control leading to rescission; or other circumstances the Board deems to merit withdrawal, subject to a reasoned Board order. On withdrawal, the acquirer must, via the manager, within two working days publish reasons in the same newspapers and simultaneously notify the Board, all listing stock exchanges, and the target company.