When must accepting shareholders withdraw their acceptance if the offer is not unconditional?

In the context of takeover offers, if the offer is not unconditional, accepting shareholders must withdraw their acceptance within a specified timeframe to safeguard their rights. The timeline for withdrawal is crucial, particularly since it allows shareholders to reconsider their decision if the conditions of the offer have not been met.

The correct answer notes that accepting shareholders must withdraw their acceptance by T42, meaning 42 days after the initial offer is made if it hasn't become unconditional. This timeframe ensures that shareholders can still make informed decisions and retain some control over their shares in the event that the offer does not meet necessary conditions, such as regulatory approvals or attaining a minimum acceptance level.

The timeframe is stipulated to protect shareholders and to maintain fairness in the takeover process, allowing them the opportunity to evaluate the situation and the likelihood of the offer's success. This is an important aspect of takeover regulations aimed at ensuring transparency and protecting shareholders' interests in the event of uncertainty regarding the offer's fulfillment.