Corporations Act 2001
(a) the bidder's voting power in the target is 30% or more; or
(b) for a bidder who is, or includes, an individual - the bidder is a director of the target; or
(c) for a bidder who is, or includes, a body corporate - a director of the bidder is a director of the target;
a target's statement given in accordance with section 638 must include, or be accompanied by, a report by an expert that states whether, in the expert's opinion, the takeover offers are fair and reasonable and gives the reasons for forming that opinion.
Note: Subsections 648A(2) and (3) provide for the independence of the expert and disclosure of any association between the target and the expert or the bidder and the expert. A contravention of one of those subsections results in the target's statement not complying with this subsection.640(2) [ Calculation of voting power]
In determining whether the bidder's voting power in the target is 30% or more, calculate the bidder's voting power at the time the bidder's statement is sent to the target.640(3) [ Strict liability offence]
An offence based on subsection (1) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .