Hochtief, under the takeovers law, would need to wait six months after the completion of this offer before making another proportional/full offer. At that point they could bid at a lower price - the law which prohibits a bidder from acquiring stock at a lower price than they have previously paid is the four-month rule which, unsurprisingly, only applies to the four month period before the bid.
complaint to asic, page-45
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