| Commentary

200 Consideration

| Commentary

200 Consideration

The offeror may be restricted as to the level of consideration which can be offered to the shareholders of the target company. If the offeror, or any person acting in concert with it, acquires for cash any interest in shares of any class under offer in the target company during the offer period, then, subject to certain conditions, the offer for the relevant class of shares must be in cash or accompanied by a cash alternative of not less than the highest price paid by the offeror or any person acting in concert with it for any interest

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