The pro rata rule states that any increase in price paid for shares tendered must be offered to all shareholders, even those who have previously tendered their shares.

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The pro rata rule refers to the proportional allocation of shares or assets among participants, such as when a company issues dividends or when shares are oversubscribed in a tender offer. It does not specifically state that any increase in price paid for shares tendered must be offered to all shareholders, even those who have previously tendered their shares. This concept is more closely related to the rules governing tender offers and fair treatment of shareholders rather than the pro rata principle itself.

The Pro Rata Rule States That Any Increase in Price