| Commentary

188.3 Consideration

| Commentary

188.3 Consideration

Rule 6 continues to apply during the period between the beginning of the offer period and a Rule 2.7 announcement, so a purchase by the offeror, including any persons acting in concert with him, during that period will mean that the offer to the shareholders of the same class of shares must be on no less favourable terms1. Once a Rule 2.7 announcement is made, the rules change to provide that the offeror, including any persons acting in concert with him, may not buy any interest in the target’s shares at above the offer price (being

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