11.   The buyer may attempt to induce shareholders to accept the tender offer by expressly stating or implying that he does not intend to make a full bid.

12.   If this increases above the tender price acceptances of the tender offer are likely to be low.

13.   A tender offer must be for cash which precludes a buyer from offering roll-over tax relief to shareholders by means of a securities exchange.

14.   Anticipated changes in the share capital prior to the closing date of the tender offer should be taken into account.

15.   The buyer must not acquire or dispose of shares in the target during the tender offer period other than pursuant to the tender offer.

16.   The buyer may, if he wishes, compare the value of the tender offer with the market value of the shares offered for.

17.   A tender offer is not.

18.   A tender offer advertisement is a less emotive document, being confined to factual information concerning the tender offer.

19.   A tender offer must be for cash whereas a partial offer may be for securities of the offeror.

20.   Although Slade has no offers on the horizon, he could sign a one-year tender offer that would make him a free agent next season.