Corporations Act 2001

CHAPTER 6 - TAKEOVERS  

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 .

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History

Ch 6 amended by No 8 of 2022, s 3, Sch 2[160] (effective 1 July 2022).

PART 6.9 - OTHER ACTIVITIES DURING THE BID PERIOD  

SECTION 654A   BIDDER NOT TO DISPOSE OF SECURITIES DURING THE BID PERIOD  

CCH Note: Section 654A 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.

654A(1)    
The bidder must not dispose of any securities in the bid class during the bid period.

654A(1A)    

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An offence based on subsection (1) is an offence of strict liability.

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

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History

S 654A(1A) inserted by No 117 of 2001, s 3, Sch 1 [ 227].

654A(2)    
Subsection (1) does not apply to a disposal of securities by the bidder if:

(a)    someone else who is not an associate of the bidder makes an offer, or improves the consideration offered, under a takeover bid for securities in the bid class after the bidder's statement is given to the target; and

(b)    the bidder disposes of the securities after the offer is made or the consideration is improved.

Note: A defendant bears an evidential burden in relation to the matters in subsection (2) , see subsection 13.3(3) of the Criminal Code .

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History

S 654A(2) (Note) inserted by No 117 of 2001, s 3, Sch 1 [ 228].

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