THE CORPORATIONS LAW

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS

PART 6A.1 - COMPULSORY ACQUISITIONS AND BUY-OUTS FOLLOWING TAKEOVER BID

Division 1 - Compulsory acquisition of bid class securities

SECTION 661E   HOLDER MAY APPLY TO COURT TO STOP ACQUISITION  

661E(1)  [Application to Court]  

The holder of securities covered by a compulsory acquisition notice under section 661B may apply to the Court for an order that the securities not be compulsorily acquired under subsection 661A(1). The application must be made before the later of:

(a)  the end of 1 month after the holder is given notice under section 661B; or

(b)  the end of 14 days after the holder is given a statement under section 661D if the holder asks for it.

661E(2)  [Power of Court]  

The Court may order that the securities not be compulsorily acquired under subsection 661A(1) only if the Court is satisfied that the consideration is not fair value for the securities.

Note:

See section 667C on valuation.

661E(3)  [Application of order]  

If the Court makes an order under this section in relation to an acquisition of securities, the order applies to all holders who have applications to the Court pending for an order under this section in relation to the acquisition.