When is the deadline for opening position disclosure during the offer period?

The deadline for opening position disclosure during the offer period is indeed 10 business days from the commencement of the offer. This timeframe ensures that all relevant stakeholders are informed about the positions held by the participants in the offer process, enhancing transparency in the market. It provides investors and regulators with crucial information as they assess the implications of the takeover bid and monitor the ownership dynamics involved.

The specific mention of 10 business days aligns with regulations that aim to establish a standard practice for disclosures, thereby enabling a fair and orderly market during what can often be a volatile time. Meeting this deadline gives all parties sufficient time to reflect and act on the disclosed information, avoiding any last-minute confusion or misinformation.

The other options do not align with the regulatory requirements for timely disclosure during an offer period, underscoring the importance of clarity and consistency in communication throughout the bid process.