THE CORPORATIONS LAW

CHAPTER 6A - COMPULSORY ACQUISITIONS AND BUY-OUTS

PART 6A.1 - COMPULSORY ACQUISITIONS AND BUY-OUTS FOLLOWING TAKEOVER BID

Division 2 - 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)  [Notice requiring acquisition]  

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)  [Existence of contract]  

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

(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

(c)  if the holder and the bidder agree on other terms - those terms.