They still have to apply to the ATO, and I'm not sure it's that straighforward.
I'm not sure what the criteria is, but another company I invested in had a similar situation; bought a business, grew it and then sold it off for a decent profit, but the actual return to shareholders was mainly classed as a dividend (and sadly with that company, they had no franking credits).
Ann: Sale of Ardents US business Main Event Entertainment, page-38
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