THE CORPORATIONS LAW
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 6 - TAKEOVERS
PART 6.4 - FORMULATING THE TAKEOVER OFFER
Division 2 - Consideration for the offer
SECTION 623 COLLATERAL BENEFITS NOT ALLOWED 623(1) [Benefits during offer period] A bidder, or an associate, must not, during the offer period for a takeover bid, give, offer to give or agree to give a benefit to a person if: (a) the benefit is likely to induce the person or an associate to:(i) accept an offer under the bid; or
(ii) dispose of securities in the bid class; and(b) the benefit is not offered to all holders of securities in the bid class under the bid. 623(2) [Receipt of benefit] For the purpose of this section, a person does not receive a benefit that is not offered under a takeover bid merely because the person sells bid class securities on-market and the takeover bid is an off-market bid or a conditional bid. 623(3) [Limits on prohibition] This section does not prohibit: (a) the variation of a takeover offer as provided by sections 649A to 650D; or (b) an acquisition of securities through an on-market transaction; or (c) simultaneous takeover bids for different classes of securities in the target.
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