You can set up automations to automatically decline offers below a price you choose. This way, any offers under your set minimum are rejected without you having to review them. Just set the threshold that works best for your store, and the app will handle low-ball offers for you.
Originally from our Help Center
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If the customer has not checked out yet, you can cancel the accepted offer by deleting the draft order that was created. Go to Magical Make an Offer in your Shopify admin.
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Install Magical Make an Offer on Shopify