44Next, also with a view to protecting minority shareholders in the company subject to the takeover bid, the first paragraph of Article 5(4) of Directive 2004/25 states that the equitable price is regarded as the highest price paid for the same securities by the offeror, or by persons acting in concert with him or her, during a period determined by the Member States of no less than 6 months and no more than 12 months before the bid referred to in Article 5(1) of that directive ((judgment of 20 July 2017, Marco Tronchetti Provera and Others, C‑206/16, EU:C:2017:572, paragraph 30).
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