But when the offering entity announces to the world the details of a takeover at a price that has been irrevocably agreed to by the board....and with the top 2 major shareholders fully on board........ it seems there was quite a lot of collusion before the announcement.
According to Rule 20 one of it's main purposes is to ensure that all shareholders have access to the same information at the same time to stop certain investors (e.g., large institutional shareholders) from gaining an advantage through private briefings or selective disclosures.
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(20min delay)