Coverage of s 701
A bidder may employ the compulsory acquisition powers under s 701 where in consequence of a full takeover bid under Pt 6.3 or Pt 6.4 for voting or non-voting shares
8 the bidder has, during the takeover period, become entitled to not less than 90%, by value, of shares in the class to which the offer relates.
9 Where a bidder starts with an entitlement of more than 10% of the shares, then in addition to the 90% test
- 75% of the offerees must have disposed of their shares to the offeror or
- at least 75% of the registered holders must no longer be registered as members within one month of the close of the bid.
A bidder has two months from the end of the offer period to give notices in the prescribed form to the non-accepting shareholders.
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