Corporations Act 2001
CCH note - modifying legislative instruments: The application of Ch 6 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Takeover Bids) Instrument 2023/683; the ASIC Corporations (Warrants: Relevant Interests and Associations) Instrument 2023/687; the ASIC Corporations (Replacement Bidder ' s and Target ' s Statements) Instrument 2023/688; and the ASIC Corporations (Relief to Facilitate Admission of Exchange Traded Funds) Instrument 2024/147.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Ch 6, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
Note: This Chapter only applies to acquisitions of interests in a CCIV if the CCIV is a listed company: see Division 1 of Part 8B.7 .
View history note
Hide history noteThere are 2 kinds of takeover bid: (a) an off-market bid (for quoted or unquoted securities); or (b) a market bid (only available for quoted securities).
Note: Although the prohibition in section 606 is against acquiring relevant interests in voting shares, a takeover bid may be made for any securities (for example, as a preliminary to compulsorily acquiring securities in that class under Part 6A.1 ).
616(2)
The following table shows where to find the provisions dealing with the main features of the offers that may be made under off-market bids and market bids and the procedures to be followed:
| Takeover bids | [ signpost table ] | ||
| Feature | Off-market bid | Market bid | |
| 1 | people to whom offers made | 617(1) - (2) | 617(3) |
| 2 | securities covered | 618(1) - (2) | 618(3) |
| 3 | consideration offered for the securities | 621(1), (3) - (5) and 651A | 621(2), (3) - (5) |
| 4 | escalation agreements and collateral benefits not allowed | 622 and 623 | 622 and 623 |
| 5 | offer period | 624(1) - (2) and 650C | 624(1) - (2) and 649C |
| 6 | conditional offers | 625(2) - (3) and 626 - 630 | 625(1) |
| 7 | procedure to be followed in making bid | 632 and 633 | 634 and 635 |
| 8 | acceptances | 650E and 653A - 653B | - |
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