This is so even if the bidder subsequently ceases to satisfy
subparagraph (b)(i) because of the issue of further securities in the bid
class.
- Note: Subsection 92(3) defines securities for the purposes of this Chapter.
(2) For the purposes of subsection (1), disregard any relevant interests
that the bidder has merely because of the operation of subsection 608(3)
(relevant interest by 20% interest in body corporate).
Court may allow
compulsory acquisition even if threshold not reached
(3) Under this
subsection, the bidder under a takeover bid may compulsorily acquire
securities in the bid class with the approval of the Court.
Securities to be
acquired
(4) If the bidder compulsorily acquires securities in the bid class
under subsection (1) or (3), the bidder:
- (a)
- must acquire all the
securities in the bid class:
- (i)
- which were issued or granted before the end of the offer period; and
- (ii)
- in which the bidder does not have a relevant interest; and
- (b)
- may elect to acquire all securities in the bid class:
- (i)
- that were issued or granted after the end of the offer period and before
the notice under section 661B is issued; and
- (ii)
- in which the bidder does not have a relevant interest;
but only if the bidder and their associates have relevant interests in at
least 90% (by number) of the securities in the bid class when the bidder gives
notice under section 661B; and
- (c)
- if securities exist when the bidder gives the notice under
section 661B that:
- (i)
- will convert, or may be converted, to securities in the bid class; or
- (ii)
- confer rights to be issued securities in the bid class that may be
exercised;
within the period of 6 weeks after the notice is givenmay elect to
acquire securities that come to be in the bid class during that period due to
a conversion or exercise of the rights but only if the bidder and their
associates have relevant interests in at least 90% of the securities (by
number) in the bid class when the bidder gives notice under section 661B;
and
- (d)
- may elect to acquire any securities in the bid class in which the bidder
has a relevant interest (no matter when they were issued or granted).
(5) This section has effect despite anything in the constitution of the
company whose securities are to be acquired.