Dispensation from highest price
If the offeror considers that the highest price (for the purpose of Rule 11.1 and Rule 11.2) should not apply in a particular case, the offeror should consult the Panel, which has discretion to agree an adjusted price.
NOTE ON RULE 11.3
Relevant factors
Factors which the Panel might take into account when considering an application for an adjusted price include:
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the size and timing of the relevant acquisitions;
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the attitude of the board of the offeree company;
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whether interests in shares had been acquired at high prices from directors or other persons closely connected with the offeror or the offeree company; and
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the number of shares in which interests have been acquired in the preceding 12 months.