THE CORPORATIONS LAW

CHAPTER 9 - MISCELLANEOUS

PART 9.5 - POWERS OF COURTS

SECTION 1325B   COURT MAY ORDER BIDDER TO MAKE OFFERS  

1325B(1)  [Power of Court to make orders about offers]  

If a bidder making a takeover bid for a class of securities contravenes section 631 by failing to make offers under the bid within time and ASIC applies for an order under this section, the Court may:

(a)  order the bidder to send, to each holder of securities in that class, an offer to which the bidder's statement relates within a specified time; and

(b)  make any ancillary orders it thinks appropriate including orders that the bidder:

(i) send notices setting out specified information with the offer; and

(ii) send copies of the notice within a specified period to the target and, if the target is listed, to the relevant securities exchange; and

(iii) lodge a copy of the notice with ASIC within a specified period.

1325B(2)  [Deemed offers]  

Offers sent in accordance with an order under this section are taken to be made under a takeover bid.