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34.4 RESTRICTIONS ON DEALINGS BY A COMPETING BIDDER WHOSE OFFER HAS LAPSED

Except with the consent of the Panel, where an offer has been one of two or more competing offers and has lapsed, neither that Bidder, nor any person acting in concert with that Bidder, may acquire any interest in shares in the Target on more favourable terms than those made available under its lapsed offer until each of the competing offers has either been declared unconditional in all respects or has itself lapsed. For these purposes, the value of the lapsed offer shall be calculated as at the day the offer lapsed.