Also known as cash underpinning. An arrangement entered into by the bidder in an offer where the consideration consists of bidder shares, under which target shareholders may elect to receive cash instead of shares, the cash being provided by the bidder’s financial adviser which makes a separate offer to acquire those bidder consideration shares. The provisions on cash underwritten alternatives were deleted from the Takeover Code with effect from 5 July 2021 as it has been many years since a securities exchange bidder made an offer with a cash underwritten alternative.