CORPORATIONS ACT 2001

CHAPTER 6 - TAKEOVERS  

PART 6.6 - VARIATION OF OFFERS  

Division 1 - Market bids  

SECTION 649C   MARKET BIDS - EXTENDING THE OFFER PERIOD  

649C(1)   [ Power to extend offer period]  

The bidder may extend the offer period. The extension must be announced to the relevant financial market at least 5 trading days of the market before the end of the offer period. However, the announcement may be made up to the end of the offer period if during those 5 trading days:

(a) another person lodges with ASIC a bidder's statement for a takeover bid for securities in the bid class; or

(b) another person announces a takeover bid for securities in the bid class; or

(c) another person makes offers under a takeover bid for securities in the bid class; or

(d) the consideration for offers under another takeover bid for securities in the bid class is improved.

The offer period is extended by having the extension announced to the relevant financial market.

Note: Section 624 provides for an automatic extension of the bid period in certain circumstances.

649C(2)   [ Bidder's obligation to give notice]  

On the day on which the announcement is made, the bidder must:

(a) give the target and the relevant market operator a notice setting out the terms of the announcement; and

(b) lodge a notice setting out the terms of the announcement with ASIC.

649C(3)   [ Strict liability offence]  

An offence based on subsection (2) is an offence of strict liability.

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