According to the 'no intention to bid' rule, when must a statement be made?

The 'no intention to bid' rule is essential in maintaining transparency and fairness in the takeover process. Under this rule, a party must declare its intention not to make a bid within a specific timeframe to avoid misleading the market.

The correct timing for making this statement is set at a deadline of 5pm, 28 days after the start of the offer period. This timeframe allows sufficient time for the relevant parties to assess market conditions and potential opportunities before definitively stating their intentions. By establishing this 28-day window, the rule ensures that market participants are not left uncertain about the bidding intentions of a party, promoting fair play in the takeover process.

The other choices present different timeframes, but they do not align with the regulatory requirements set forth for making a 'no intention to bid' statement, which reinforces the reason why the 28-day mark is pivotal.