32.2 SHUTTING OFF CASH UNDERWRITTEN ALTERNATIVES

Where the value of a cash underwritten alternative provided by third parties is, at the time of announcement, more than half the maximum value of the offer, a Bidder will not be obliged to keep that alternative open in accordance with Paragraphs 30.4 or 32.1 if it has sent a notification to Target shareholders and persons with information rights that it reserves the right to close it on a stated date, being not less than 14 days after the date on which the notification is published, or to extend it on that stated date. Notice under this Paragraph may not be given between the time when a competing offer has been announced and the end of the resulting competitive situation. (See also Paragraph 23.14.)