Regulations Governing Public Tender Offers for Real Estate Investment Trust Beneficiary Securities Article 24

"Legitimate reason" Article 43-5, paragraph 3 of the Act means any of the following:1. A circumstances set forth in Article 7, paragraph 2 of these Regulations.2. Where the public tender offeror's failure to complete the public tender offer in the previous instance was caused by another domestic competent authority not yet having issued its review results, and that authority subsequently made a decision of approval.3. Other legitimate reason.