How is the offer price calculated in case shares are infrequently traded on the stock exchange?

If the target company's shares are infrequently traded then the open offer price for acquisition of shares under the minimum open offer shall be highest of the following: Highest negotiated price per share under the share purchase agreement ("SPA") triggering the offer; Volume weighted average price of shares acquired by the acquirer during 52 weeks preceding the public announcement ("PA"); Highest price paid for any acquisition by the acquirer during 26 weeks immediately preceding the PA; The price determined by the acquirer and the manager to the open offer after taking into account valuation parameters including book value, comparable trading multiples, and such other parameters that are customary for valuation of shares of such companies.