(1) Where a bid provides that an assenting security holder may elect between two or more sets of terms for the acquisition by the offeror of the beneficial ownership of the securities affected, the notice given by the offeror under Regulation 23(2) shall be accompanied by or embody a notice stating the alternative sets of terms between which assenting security holders are entitled to elect and specifying which of those terms shall be applicable to the dissenting security holder if he or she does not before the expiration of 14 days from the date of the giving of the notice notify the offeror in writing of his or her election as between such alternative sets of terms.

(2) In the case of a bid of the kind referred to in paragraph (1), the terms upon which the offeror shall under Regulation 23(2) be entitled and bound to acquire the beneficial ownership of the securities of a dissenting security holder shall be the set of terms his or her election in respect of which the dissenting security holder has, in accordance with paragraph (1), notified to the offeror or, in default of such notification, the set of terms specified in the notice secondly mentioned in paragraph (1).

(3) This Regulation is subject to Regulation 27.