Corporations Act 2001

CHAPTER 6 - TAKEOVERS  

PART 6.5 - THE TAKEOVER PROCEDURE  

Division 4 - Updating and correcting the bidder's statement and target's statement  

SECTION 643   SUPPLEMENTARY BIDDER ' S STATEMENT  

643(1)  
If a bidder becomes aware of:


(a) a misleading or deceptive statement in the bidder's statement; or


(b) an omission from the bidder ' s statement of information required by section 636 ; or


(c) a new circumstance that:


(i) has arisen since the bidder ' s statement was lodged; and

(ii) would have been required by section 636 to be included in the bidder ' s statement if it had arisen before the bidder ' s statement was lodged;

that is material from the point of view of a holder of bid class securities, the bidder must prepare a supplementary bidder ' s statement that remedies this defect.

Note 1: The bidder must then send and lodge the supplementary bidder's statement in accordance with section 647 .

Note 2: Section 670A makes it an offence to give a bidder ' s statement after the bidder has become aware of a misleading or deceptive statement, omission or new circumstance that is material from the point of view of a holder of securities to whom the statement is given (unless the deficiency is corrected).

Note 3: The power to issue a supplementary bidder ' s statement is not limited to the situations dealt with in this section.

Note 4: This section applies to a bidder ' s statement that has already been previously supplemented.

643(2)  


For an offence based on subsection (1), strict liability applies to the conduct, that the bidder must prepare a supplementary bidder ' s statement that remedies the defect.

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


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