Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 638

638. (1) Each offer must be in writing.

(2) Each offer must have the same date, being a date that is not earlier than
3 days before the day on which the offer is sent and not later than that day.

(3) Each offer must state that it will, unless withdrawn, remain open during a
period ending on a specified date, being a date that is not earlier than one
month, or later than 6 months, after the date of the offer.

(4) Each offer must specify, in relation to each class of shares in the target
company:

   (a)  the total number of shares in the class; and

   (b)  the number of shares in the class to which the offeror was entitled
        immediately before the offer was sent (which may be expressed as a
        number of shares or as a percentage of the total number of shares in
        the class).

(5) Each offer must, if it is subject to a defeating condition, specify a
date, being a date that is not less than 7 days and not more than 14 days
before the last day of the offer period, for the publication of the notice
referred to in subsection 663 (4).

(6) Each offer must set out how the obligations of the offeror are to be
satisfied.

(7) Each offer must contain a provision setting out when the obligations of
the offeror are to be satisfied, being a provision under which the
consideration for the offer is, if the offer is accepted, to be paid or
provided:

   (a)  unless the offer is subject to a defeating condition-on or before the
        thirtieth day after the offer is accepted; or

   (b)  if the offer is subject to a defeating condition-on or before the
        thirtieth day after the offer is accepted, or the offer, or the
        contract resulting from the acceptance of the offer, becomes
        unconditional, whichever happens later; or, if that day is later than
        the twenty-first day after the end of the offer period, on or before
        the last-mentioned day.