An on-market or off-market T/O involving a Direct Offer to targeted shareholders requires the Bidder to achieve control of at least 90% of Target securities to reach compulsory acquisition.
Compulsory acquisition via a ‘friendly’ Scheme-of-Arrangement, in which the boards of both Bidder and Target cooperate, requires the Bidder to gain control of at least 75% of Target securities as well as the voting approval of at least 50% of Target shareholders.
The fully detailed Takeovers Guide Australia is very informative and worth the time to read.
Ann: 2023 Annual Report to shareholders, page-194
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| Open | High | Low | Value | Volume |
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