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 noteThe bidder may extend the offer period. The extension must be announced to the relevant financial market at least 5 trading days of the market before the end of the offer period. However, the announcement may be made up to the end of the offer period if during those 5 trading days: (a) another person lodges with ASIC a bidder ' s statement for a takeover bid for securities in the bid class; or (b) another person announces a takeover bid for securities in the bid class; or (c) another person makes offers under a takeover bid for securities in the bid class; or (d) the consideration for offers under another takeover bid for securities in the bid class is improved.
The offer period is extended by having the extension announced to the relevant financial market.
Note: Section 624 provides for an automatic extension of the bid period in certain circumstances.
[ CCH Note: S 649C(1) will be amended by No 69 of 2020, s 3, Sch 1[1008], by substituting " the Registrar " for " ASIC " in para (a) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
649C(2)
On the day on which the announcement is made, the bidder must: (a) give the target and the relevant market operator a notice setting out the terms of the announcement; and (b) lodge a notice setting out the terms of the announcement with ASIC.
[ CCH Note: S 649C(2) will be amended by No 69 of 2020, s 3, Sch 1[1008], by substituting " the Registrar " for " ASIC " in para (b) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
[ CCH Note: S 649C(2A) will be inserted by No 69 of 2020, s 3, Sch 1[1009] (effective 1 July 2026 or a day or days to be fixed by Proclamation). S 649C(2A) will read:
649C(2A)
The notice must meet any requirements of the data standards.]
649C(3)
An offence based on subsection (2) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.