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  • TMA-2.5 TMA-2.5 No Withdrawal of an Offer

    • TMA-2.5.1

      Except with the consent of the CBB, following an announcement of a firm intention to make an offer, the offeror cannot withdraw the offer and must continue to implement it unless the offer is subject to the fulfilment of a specified condition and the condition has not been met.

    • TMA-2.5.2

      A change in general economic, industrial or political circumstances will not justify failure to proceed with an announced offer, unless circumstances of an exceptional and specific nature arise.

    • TMA-2.5.3

      If a competitor has posted a higher offer to the one already made by the first offeror, the CBB may consent to the withdrawal of the announced offer. This should not carry any additional conditions other than those necessary for the implementation of such announced offer.

    • TMA-2.5.4

      If an offeror is permitted to withdraw from an offer, or an offer is waived because of non-fulfilment of a condition, the offeror will be required to make an announcement giving reasons for the withdrawal.

    • TMA-2.5.5

      The CBB may seek to hear views of the offeree company and its advisors, prior to consenting to a withdrawal of an announced offer.