154. Prohibited activity during tender offer

(a} directly or indirectly, purchase or make any arrangement to purchase any securities of the issuer that is subject to the tender offer (or any security which is immediately convertible into or exchangeable for that security) outside of the tender offer; and fbi shall not sell any securities of that issuer.

1350

(2}

At any time an issuer has been informed of a pending tender offer for any of its securities or has reason to believe that an offer is pending, it must not take any action identified by the Authority's regulations. The Authority may make regulations to specify particular actions that are not permitted during or in connection with a tender offer.

(3}

Any tender offer shall be open to all holders of securities of the class of securities subject to the tender offer. All holders of securities of the same class of an issuer must be given similar treatment by the bidder. The consideration paid to any holder of securities pursuant to the tender offer must be the same paid to any other holder of securities under the tender offer.

(a} with holders of securities or separate groups of holders of securities;