CmaBylaw
Executive Bylaws
3-1-14 Of Module Nine: Mergers and Acquisitions
Section: Chapter Three: Acquisitions
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Sunday, 05 February 2017
If an Offeror or any Subsidiary or persons with whom they are Acting in Concert with it purchases shares of the Offeree company at a price higher than the offer price during the Offer Period, they shall increase the value of their bid to not less than the highest price paid to acquire the shares during such period; and they shall disclose directly after purchase that the Offer shall be modified, and the disclosure shall set out the number of purchased Shares and the price paid.
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