THE CORPORATIONS LAW

CHAPTER 6 - TAKEOVERS

PART 6.5 - THE TAKEOVER PROCEDURE

Division 5 - General rules on takeover procedure

Subdivision C - Effect of proportional takeover approval provisions

SECTION 648F   EFFECT OF REJECTION OF APPROVAL RESOLUTION  

648F     If a resolution to approve the bid is voted on, in accordance with the proportional takeover approval provisions, before the approving resolution deadline and is rejected:

(a)  despite section 652A:

(i) all offers under the bid that have not been accepted as at the end of deadline; and

(ii) all offers under the bid that have been accepted, and from whose acceptance binding contracts have not resulted, as at the end of the deadline;

are taken to be withdrawn at the end of the deadline; and

(b)  as soon as practicable after the deadline, the bidder must return to each person who has accepted an offer referred to in subparagraph (a)(ii) any documents that the person sent the bidder with the acceptance of the offer; and

(c)  the bidder:

(i) is entitled to rescind; and

(ii) must rescind as soon as practicable after the deadline;

each binding takeover contract for the bid; and

(d)  a person who has accepted an offer made under the bid is entitled to rescind their takeover contract.