In the instant case it is hold that Board erred in directing the Appellants to recalculate the offer price with reference to November 30, 2009. It was clear from the press releases that no agreement was reached between them on that date and the parties in fact only agreed to negotiate in an exclusive manner in order to reach a final agreement for the proposed sale. Therefore, November 30, 2009 cannot be considered as a reference date for calculating the offer price as on that date there was no agreement to acquire the parent company and there was only an intention to try and reach an agreement in that regard.
