RE: Takeover19 Jul 2019 19:24
As a general principle, unless the Panel has provided its consent, an offer may not be made for a target at a price per share that is lower than that which the bidder or those acting in concert with it paid at any point in the three months prior to announcement of the offer (the Panel have the power to look back further where they consider it necessary to do so in order to preserve equality of treatment for all target shareholders).