Pauljc, sorry I should have been a lot clearer in my comment. I believe your comment reflects an ASIC regulation, RG25 Takeovers: False and Misleading comments. The takeover panel monitors these events and have the ability to make orders where they feel persons have been disadvantaged. Most of the finding seem to relate to compensation to the disadvantaged parties. So while you are probably technically correct that HCM can't raise the offer price, history shows a likely outcome is that The Panel would order compensation in favour of disadvantaged persons. I am not aware of any case, where The Panel has stopped a revised offer (I could be wrong I have never searched the decisions). In the attached (a bit dated now and I am not up to date) The Panel made to clear to Dulux that they wanted them to adhere to their no increase statement, but there was no order.
HCM could make a reasonable offer, and may have to compensate shareholders who can reasonably prove they sold own market because they relied on the Final price statement.
