bought out (1) Within 1 month after notice is given in relation to securities
under section 662B, the holder of the securities may give the bidder
written notice requiring the bidder to acquire the securities. If alternative
forms of consideration were offered under the takeover bid, the holder may
elect in the notice which of those forms will apply to the acquisition of the
holder's securities.
(2) The notice by the holder gives rise to a contract between the holder and
the bidder for the sale of the securities on:
- (a)
- the terms that applied to
the acquisition of securities under the bid immediately before the end of the
offer period; or
- (b)
- if alternative forms of consideration applied at that timeon the
terms that the bidder will provide:
- (i)
- the alternative specified by the holder in the notice under
subsection (1); or
- (ii)
- if the holder has not made an election under that subsectionthe
alternative set out in the bidder's notice under section 662B; or
- (c)
- if the holder and the bidder agree on other termsthose terms.