Customers need to wait 24 hours before they can submit a brand new offer if they choose not to accept the counter offer.
Originally from our Help Center
How long do customers have to wait before making a new offer after receiving a counter offer with Make an Offer?
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How do I cancel an offer I've already accepted with Magical Make an Offer?
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