Corporations Act 2001
Note: This Chapter only applies to acquisitions of interests in a CCIV if the CCIV is a listed company: see Division 1 of Part 8B.7 .
View history note
Hide history noteCCH Note: Division 1 is modified by the ASIC Corporations (Takeover Bids) Instrument 2023/683; the ASIC Corporations (Warrants: Relevant Interests and Associations) Instrument 2023/687; and the ASIC Corporations (Replacement Bidder ' s and Target ' s Statements) Instrument 2023/688.
CCH Note: Section 620 is modified by the ASIC Corporations (Takeover Bids) Instrument 2023/683; the ASIC Corporations (Warrants: Relevant Interests and Associations) Instrument 2023/687; and the ASIC Corporations (Replacement Bidder ' s and Target ' s Statements) Instrument 2023/688.
Each offer under an off-market bid must: (a) be in writing; and (b) have the same date; and (c) provide that, unless withdrawn, it will remain open until the end of the offer period (see section 624); and (d) state how, and when, the bidder is to satisfy their obligations.
620(2)
Each offer must provide that the bidder is to pay or provide the consideration for the offer: (a) if the bidder is given the necessary transfer documents with the acceptance - by the end of whichever of the following periods ends earlier:
(i) 1 month after the offer is accepted or, if the offer is subject to a defeating condition, within 1 month after the takeover contract becomes unconditional
(b) if the bidder is given the necessary transfer documents after the acceptance and before the end of the bid period - within 1 month after the bidder is given the necessary transfer documents; or (c) if the bidder is given the necessary transfer documents after the acceptance and after the end of the bid period - within 21 days after the bidder is given the necessary transfer documents.
(ii) 21 days after the end of the offer period; or
Note: Subsection 630(1) requires an offer that is subject to a defeating condition to specify a date for declaring whether the condition has been fulfilled or not.
620(3)
The offer may provide that the bidder may avoid the takeover contract if the bidder is not given the necessary transfer documents within 1 month after the end of the offer period.
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