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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)  [Obligation to prepare]  


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)  [Strict liability offence]  

 View history reference

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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