Corporations Act 2001

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  

CCH Note: Division 2 is modified by the ASIC Corporations (Takeover Bids) Instrument 2023/683; and the ASIC Corporations (Compulsory Acquisitions and Buyouts) Instrument 2023/684.

SECTION 662A   BIDDER MUST OFFER TO BUY OUT REMAINING HOLDERS OF BID CLASS SECURITIES  

CCH Note: Section 662A is modified by the ASIC Corporations (Takeover Bids) Instrument 2023/683; and the ASIC Corporations (Compulsory Acquisitions and Buyouts) Instrument 2023/684.

662A(1)    
If the bidder and their associates have relevant interests in at least 90% of the securities (by number) in the bid class at the end of the offer period, the bidder must offer to buy out the remaining holders of bid class securities in accordance with sections 662B and 662C .

662A(1A)    

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An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability , see section 6.1 of the Criminal Code .

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History

S 662A(1A) inserted by No 117 of 2001, s 3, Sch 1 [ 233].

662A(2)    
This section does not apply to securities that are issued:

(a)    if the takeover bid was not subject to a defeating condition - after the end of the offer period; or

(b)    if the takeover bid was subject to a defeating condition - after the notice whether the bid is free from a defeating condition or not is given under subsection 630(3) .

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