Corporations Act 2001

CHAPTER 6B - RIGHTS AND LIABILITIES IN RELATION TO CHAPTER 6 AND 6A MATTERS  

SECTION 670E   LIABILITY FOR PROPOSING A BID OR NOT CARRYING THROUGH WITH BID  

670E(1)   [ Recovery for reliance on bid]  

A person who:

(a) enters into a transaction relating to securities in reliance on:

(i) a public proposal for a takeover bid; or

(ii) an announcement of a market bid; and

(b) suffers loss or damage that results from a contravention of section 631:

may recover the amount of the loss or damage from:

(c) the person who contravened the section; or

(d) any person involved in the contravention.

670E(2)   [ Amount of compensation]  

To determine the amount of compensation payable under subsection (1), deduct the price of the securities at which the transaction was entered into from the price of the securities at which the transaction would have been likely to be entered into if the proposal or announcement had not been made.