In the context of UK takeovers, Day 46 is defined in the Takeover Code as the 14^th day prior to Day 60 and is the last day on which the bidder may publish a revised offer document. If revised, an offer must be kept open for at least 14 days following the publication of the revised offer document (Rule 32.1(c), Takeover Code). This ensures that target shareholders have a period of certainty to assess the offer and to decide whether or not to accept.

For further information, see Practice note, The offer timetable: Day 46: Last date for revision of the offer if unconditional date is Day 60.