Offer period set in offer
(1) The offers under a takeover bid must remain
open for the period stated in the offer. The period must:
- (a)
- start on the
date the first offer under the bid is made; and
- (b)
- last for at least 1 month, and not more than 12 months.
However, the offer may be withdrawn during that period under
section 652B.
- Note: Sections 649C (market bids) and 650C (off-market bids) deal with
variation of the offer period.
Automatic extension of offer period if bidder reaches 50% or consideration
increased in last week
(2) If, within the last 7 days of the offer period:
- (a)
- for an off-market bid—the offers under the bid are varied to improve
the consideration offered; or
- (b)
- in any case—the bidder's voting power in the target increases to more
than 50%;
the offer period is extended so that it ends 14 days after the event referred
to in paragraph (a) or (b). The bidder must give the target and everyone
who has not accepted an offer under the bid written notice that the extension
has occurred within 3 days after that event.
- Note: The consideration for a market bid cannot be increased in the last 5
trading days of the offer period (see section 649B).
Commonwealth Numbered Acts