Corporations Act 2001
CHAPTER 6A
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COMPULSORY ACQUISITIONS AND BUY-OUTS
PART 6A.1
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COMPULSORY ACQUISITIONS AND BUY-OUTS FOLLOWING TAKEOVER BID
Division 2
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Compulsory buy-out of bid class securities
SECTION 662C
RIGHT OF REMAINING HOLDER OF SECURITIES IN THE BID CLASS TO BE BOUGHT OUT
662C(1)
Within 1 month after notice is given in relation to securities under section 662B , the holder of the securities may give the bidder written notice requiring the bidder to acquire the securities. If alternative forms of consideration were offered under the takeover bid, the holder may elect in the notice which of those forms will apply to the acquisition of the holder's securities.
662C(2)
The notice by the holder gives rise to a contract between the holder and the bidder for the sale of the securities on: (a) the terms that applied to the acquisition of securities under the bid immediately before the end of the offer period; or (b) if alternative forms of consideration applied at that time - on the terms that the bidder will provide:
Modifying legislative instruments: The application of Ch 6A is affected by the following legislative instruments that commenced on or after 1 January 2022: ASIC Corporations (Compulsory Acquisitions and Buyouts) Instrument 2023/684.
For legislative instruments or class orders before 1 January 2022 that affect the application of Ch 6A, 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.
Within 1 month after notice is given in relation to securities under section 662B , the holder of the securities may give the bidder written notice requiring the bidder to acquire the securities. If alternative forms of consideration were offered under the takeover bid, the holder may elect in the notice which of those forms will apply to the acquisition of the holder's securities.
662C(2)
The notice by the holder gives rise to a contract between the holder and the bidder for the sale of the securities on: (a) the terms that applied to the acquisition of securities under the bid immediately before the end of the offer period; or (b) if alternative forms of consideration applied at that time - on the terms that the bidder will provide:
(i) the alternative specified by the holder in the notice under subsection (1) ; or
(c) if the holder and the bidder agree on other terms - those terms.
(ii) if the holder has not made an election under that subsection - the alternative set out in the bidder's notice under section 662B ; or
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