Iteh
Trying to find where it actually says they cant also buy on - market while doing an off-Market takeover????
GMD I assume have satisfied the below rule when the launched the off-Market takeover as it clearly says "OFFER PRICE".
As to them accumulating more script on market, i don't see anything stopping them at any price??? (Maybe I'm wrong)???
Really -DYOROther key rules applicable to an off-market takeover bid include:
- the offer price may consist of any form of consideration including cash, listed or unlisted securities, or a combination of these;
- the offer price cannot be lower than the price the bidder or any of its associates paid to acquire a target security in the previous four months;
- the offer price may be increased after the offer is made and, if increased, those who have already accepted the offer are entitled to be paid the increased price;
- an off-market takeover bid can be made for a listed or unlisted (public) target company or a managed investment scheme;
- the offers can be subject to conditions, although some conditions are prohibited such as a maximum level of acceptances or conditions that rely on the bidder's subjective opinion or that can be controlled solely by the bidder; and
- the offer period must be at least 1 month and not more than 12 months; and
- unless the target consents otherwise, the offers cannot be sent to target shareholders and open for acceptance until 14 days after the bidder's statement is first given to the target (which commonly occurs on announcement of the offer).
