It is covered in that Mallesons document I linked....
"The common features of an off-market takeover bid are....
On-market purchases:
A bidder can only purchase securities on-market in excess of the 20% threshold when the offer is unconditional and the bidder’s statement has been given to the target. If the bidder purchases such securities above the prevailing offer price, the offer price is automatically increased to match the higher price."
It is covered in that Mallesons document I linked.... "The...
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