THE CORPORATIONS LAW

CHAPTER 6 - TAKEOVERS

PART 6.9 - OTHER ACTIVITIES DURING THE BID PERIOD

SECTION 654A   BIDDER NOT TO DISPOSE OF SECURITIES DURING THE BID PERIOD  

654A(1)  (Prohibition on disposal)  

The bidder must not dispose of any securities in the bid class during the bid period.

654A(2)  [Exception]  

Subsection (1) does not apply to a disposal of securities by the bidder if:

(a)  someone else who is not an associate of the bidder makes an offer, or improves the consideration offered, under a takeover bid for securities in the bid class after the bidder's statement is given to the target; and

(b)  the bidder disposes of the securities after the offer is made or the consideration is improved.




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