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  • Acquisitions After Announcement of a Firm Intention to Make an Offer

    • TMA-2.23.4

      After an announcement of a firm's intention to make an offer and before the offer closes for acceptance, an offeror or any person acting in concert with it acquires any interest in shares at above the offer price, it shall increase its offer to not less than the highest price paid for the interest in shares acquired in such circumstances.

      Amended: October 2019

    • TMA-2.23.5

      Immediately after the acquisition of shares at above the offer price, the offeror must announce that a revised offer will be made in accordance with this Section. This announcement must state the number of shares concerned and the price paid.

      Amended: October 2019

    • TMA-2.23.5A

      Subscription for new securities at a price above the offer price will be treated as a purchase for the purposes of Paragraph TMA-2.23.4.

      Added: October 2019