Withdrawal of public offer restricted to limited grounds; acquirer must publicly announce reasons and notify regulator and exchanges. A public offer is generally not withdrawable except where statutory approvals are refused, the sole acquirer (if a natural person) dies, or the Board finds other circumstances meriting withdrawal. If withdrawal occurs, the acquirer or merchant banker must publish a public announcement stating reasons in the same newspapers and simultaneously notify the regulator, all stock exchanges where the target is listed, and the target company at its registered office.