re: bid unlikely to succeed CORPORATIONS LAW
- SECT 661A
Compulsory acquisition power following takeover bid
Threshold for compulsory acquisition power
(1)
Under this subsection, the bidder under a takeover bid may compulsorily acquire any securities in the bid class if:
(a)
the bid is:
(i)
an off-market bid to acquire all the securities in the bid class; or
(ii)
a market bid; and
(b)
during, or at the end of, the offer period:
(i)
the bidder and their associates have relevant interests in at least 90% (by number) of the securities in the bid class; and
(ii)
the bidder and their associates have acquired at least 75% (by number) of the securities that the bidder offered to acquire under the bid (whether the acquisitions happened under the bid or otherwise).
This is so even if the bidder subsequently ceases to satisfy subparagraph (b)(i) because of the issue of further securities in the bid class.
Note: Subsection 92(3) defines securities for the purposes of this Chapter.
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