galvanise - yep you are right....

galvanise - yep you are right.

http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/ps163.pdf/$file/ps163.pdf

A Minimum bid price principle
RG 163.3 The minimum bid price principle (s621(3)) says that under a takeover bid, the bidder must offer consideration at least equal to:
(a) the maximum consideration that the bidder or an associate provided or agreed to provide for a bid class security (maximum consideration)
(b) under any purchase or agreement during the four months before the date of the bid (pre-bid purchase).
A pre-bid purchase extends to an arrangement or understanding: see the definition of “agreement” in s9.
RG 163.4 For the purposes of the minimum bid price principle, the consideration offered or provided for a security is:
(a) the amount of a cash sum;
(b) the value of non-cash consideration; or
(c) for mixed consideration, the cash sum and the value of the other consideration.