2) In the event of the competitive situation continuing, a final round would be held to give chance to the offerors to outbid the other within a ceiling that has already been informed to the panel.
3) As per information given to Tatas and CSN by the Takeover Panel, there has to be a difference of at least five pence for each round of the bid between the two suitors.
The winner of the takeover battle, which has pushed Corus' share price to 7-year highs, will become the 5th largest steelmaker in the world.
Tata Steel started the bidding process with an initial offer of 455 pence a share, which was hiked to 500 pence. Brazilian steelmaker CSN upped the stakes with a bid of 515 pence. The Corus stock is trading today at 563 pence - a 91% rise from a year-low of 294p.
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