tax on capital gains, page-76

Takeovers and mergers, scrip-for-scrip rollover
If a company in which you own shares is taken over or merges with another company, you may have a capital gains tax (CGT) obligation.

When a company launches a takeover bid by buying shares in the market, they offer money in return for shares. If a company launches an off-market takeover bid, they don’t always offer cash in return for shares – they can either offer money or scrip (shares), or a combination of these.

The CGT implications for investors depend on the way the takeover or merger is carried out and whether special rules (scrip-for-scrip rollover) apply. When a takeover involves you receiving shares (or a mixture of shares and cash), you may be able to defer paying CGT until a later CGT event happens under the scrip-for-scrip rollover.
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Basically if it is Cash, then yes it is subject to CGT. Scrip is rolled over.

https://www.ato.gov.au/General/Capi...eovers-and-mergers,-scrip-for-scrip-rollover/

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