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CORPORATIONS ACT 2001

CHAPTER 6 - TAKEOVERS  

PART 6.6 - VARIATION OF OFFERS  

Division 2 - Off-market bids (express variation by bidder)  

SECTION 650C  OFF-MARKET BIDS - EXTENSION OF OFFER PERIOD  

650C(1)  [Power to extend offer period]  


A bidder making an off-market bid may extend the offer period at any time before the end of the offer period.

650C(2)  [Effect of defeating condition]  


If the bid is subject to a defeating condition, the bidder may extend the offer period after the publication of the notice under subsection 630(3) only if one of the following happens after the publication:


(a) another person lodges with ASIC a bidder's statement for a takeover bid for securities in the bid class;


(b) another person announces a takeover bid for securities in the bid class;


(c) another person makes offers under a takeover bid for securities in the bid class;


(d) the consideration for offers under another takeover bid for securities in the bid class is improved.

Note: Section 624 says how long the total offer period can be.


 



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