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 .

View history note

PART 6.6 - VARIATION OF OFFERS

Division 3 - Off-market bids (automatic variations)

CCH Note: Division 3 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.

SECTION 651B HOW TO MAKE AN ELECTION FOR NEW FORMS OF CONSIDERATION

CCH Note: Section 651B 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.

651B(1)
An election under section 650B or 651A to take a new form of consideration must be made:

(a) by written notice to the bidder; and

(b) within 1 month after the person receives the notice from the bidder of their right to make the election.

651B(2)
The person becomes entitled to the new form of consideration if they:

(a) make the election; and

(b) return to the bidder:

(i) any consideration they have already received; and

(ii) any necessary transfer documents.

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