In a Takeover situation, when must an offeror announce an increased or amended offer?

In a takeover situation, the requirement for an offeror to announce an increased or amended offer is "without delay." This means that as soon as the offeror decides to increase the bid, they must promptly inform the market and the shareholders. This approach ensures transparency and fairness during the takeover process, allowing all stakeholders to make informed decisions based on the most current offer available.

Timely announcements help uphold the integrity of the market by preventing situations where one group of shareholders might benefit from insider knowledge of an amended offer, while others are left in the dark. The emphasis on acting "without delay" reflects the regulatory focus on ensuring that all parties involved in the transaction are treated equally and can respond appropriately to any changes in the offer.

This requirement is embedded in regulations that govern takeover bids to maintain a level playing field and protect investors, which ultimately reinforces investor confidence in the market. The other options suggest specific time frames that could potentially delay the communication of important information, which is not in line with the regulatory intent.