What must an offeror pay according to the takeover code rule 6?

The requirement for the offeror to pay at least as high as the highest price paid in the last three months reflects the principles of fairness and transparency in takeover situations. This rule, part of the takeover code, is designed to ensure that shareholders receive a reasonable value for their shares during a takeover bid.

By setting the threshold at the highest price paid in the three months leading up to the offer, the regulation aims to protect shareholders from undervaluation and ensure they are not forced to sell their stakes at a price lower than what others have recently been willing to pay. This approach promotes fairness, as it helps maintain a level playing field among shareholders, allowing them to make informed decisions based on recent market activity.

The other choices do not align with the specified regulatory requirements, as they either reference a different time frame or a subjective measure of fairness rather than using actual market data as a baseline for determining the minimum offer price. By adhering to this rule, the offeror demonstrates a commitment to providing a fair and competitive offer to all shareholders.