Corporations Act 2001
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.
[ CCH Note: S 649C(1) will be amended by No 69 of 2020, s 3, Sch 1, by substituting " the Registrar " for " ASIC " in para (a) (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
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.
[ CCH Note: S 649C(2) will be amended by No 69 of 2020, s 3, Sch 1, by substituting " the Registrar " for " ASIC " in para (b) (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
[ CCH Note: S 649C(2A) will be inserted by No 69 of 2020, s 3, Sch 1 (effective 22 June 2022 or a day or days to be fixed by Proclamation). S 649C(2A) will read:
The notice must meet any requirements of the data standards.]
An offence based on subsection (2) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .
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