After double checking, I stand by my view that HCM was and is precluded from raising the offer price as they have declared it "final as to price and will not be increased". I did think the Corporations Act was the basis of my belief, but I couldn't find a specific statement.
But I did find this asic.gov.au/media/1237813/rg25.pdf. where there is a discussion of "Last and Final" statements. They point out that the Corporations Act would effectively prevent a company improving the consideration once a clear statement has been made, as in this case, as it would contravene the misleading or deceptive conduct provisions s670A and 1041H of this Act.
BKN Price at posting:
$3.24 Sentiment: Hold Disclosure: Held
