Yes. You’ll get an email notification from Make an Offer whenever an offer is accepted, countered, or needs your review. You won’t receive notifications if the offer is automatically declined.
Originally from our Help Center
Do merchants receive email notifications about offers 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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