(1) The bidder may extend the offer period. The extension must be announced to
the relevant securities exchange at least 5 trading days of the exchange
before the end of the offer period. However, the announcement may be made up
to the end of the offer period if during those 5 trading days:
- (a)
- another
person lodges with ASIC a bidder's statement for a takeover bid for securities
in the bid class; or
- (b)
- another person announces a takeover bid for securities in the bid class;
or
(c) another person makes offers under a takeover bid for securities in the bid
class; or
- (d)
- the consideration for offers under another takeover bid for securities in
the bid class is improved.
The offer period is extended by having the extension announced to the relevant
securities exchange.
- Note: Section 624 provides for an automatic extension of the bid period
in certain circumstances.
(2) On the day on which the announcement is made, the bidder must:
- (a)
- give
the target and the relevant securities exchange a notice setting out the terms
of the announcement; and
- (b)
- lodge a notice setting out the terms of the announcement with ASIC.