30Next, also in order to ensure the protection of minority shareholders in the company subject to the takeover bid, in accordance with the first subparagraph of Article 5(4) of Directive 2004/25 the equitable price is regarded as, primarily, the highest price paid for the same securities by the offeror, or by persons acting in concert with him/her, during a period determined by the Member States of no less than six months and no more than 12 months before the bid referred to in Article 5(1) of that directive.
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