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'Early bird' clause prohibited: SIC

Published Tue, Apr 28, 2015 · 09:50 PM

WE refer to your article "Lessons from the KepLand takeover" (BT, April 17).

The article suggested that future offerors who want to adopt a two-tier offer consider an "early bird" clause where only shareholders who accept the lower price within a specified time frame would be guaranteed the second, higher price. The article stated that there …

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