Corporations Act 2001
If a bidder making a takeover bid for a class of securities contravenes section 631 by failing to make offers under the bid within time and ASIC applies for an order under this section, the Court may:
(a) order the bidder to send, to each holder of securities in that class, an offer to which the bidder's statement relates within a specified time; and
(b) make any ancillary orders it thinks appropriate including orders that the bidder:
(i) send notices setting out specified information with the offer; and
(ii) send copies of the notice within a specified period to the target and, if the target is listed, to the relevant market operator; and
(iii) lodge a copy of the notice with ASIC within a specified period.
[ CCH Note: S 1325B(1) will be amended by No 69 of 2020, s 3, Sch 1, by inserting " or the Registrar (or both) " after " ASIC " in para (b)(iii) (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
Offers sent in accordance with an order under this section are taken to be made under a takeover bid.