CLAW3206 Lecture 5: Week 5 Effecting a Takeover
30 Jul 2018
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These steps may be modified by asic pursuant to its powers under s 655a. Target s 616(1)(a) asx-listed and unlisted public companies with more than 50 members. s 616(1)(b) asx-listed company or registered managed investment scheme. Consideration s 621(1) cash, securities or both. s 621(2) cash only. Conditions s 625(2) may include any conditions required by the bidder. s 625(1) must be unconditional. No brokerage payable by bidder. s 617(1) must relate to securities in a class of securities that exist or will exist as at date set by bidder in bidder"s statement or subsequent notice. May be for all bid class securities or specified proportion of bid class securities (s 618(1)), subject to rules relating to inclusion of non- marketable parcels (s 618(2)). Brokerage payable to trading participant (broker) effecting transfer. s 617(3) extends to all securities that will exist at any time during offer period. s 618(3) must extend to all bid class securities.
