RE: Takeover24 Nov 2020 18:04
Minimum level of consideration: If a bidder acquires an interest in shares in the target company (i) within a three month period before the commencement of the offer period or (ii) between the commencement of the offer period and the announcement by the bidder of a firm intention to make an offer, then except with the consent of the Panel, any offer by that bidder to shareholders of the same class must not be on less favourable terms.
Further, if, after the announcement of a firm intention to make an offer by the bidder but before the offer closes for acceptance, the bidder acquires any interest in shares above the offer price, the bidder is required to increase its offer to not less than the highest price paid for the interest in shares acquired in this way.
Requirement for particular forms of consideration: If any shares are acquired during the offer period for cash, or 10% or more were acquired for cash during the preceding 12 months, the offer must be in cash (or include a cash alternative) at not less than the highest price paid during the offer period and the preceding 12 months.
Not sure if this helps.