Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 665

665. Where:

   (a)  a takeover offer is made in respect of shares in a company;

   (b)  the consideration payable under the offer consists solely of a cash
        sum or includes alternative considerations one of which consists
        solely of a cash sum;

   (c)  after the Part A statement was served on the target company and before
        the offer is accepted, the offeror purchases shares in the company in
        the same class as the first-mentioned shares, otherwise than as a
        result of the acceptance of an offer under the takeover scheme, for a
        consideration that consists solely of a cash sum; and

   (d)  the amount paid or payable for any of the shares referred to in
        paragraph (c) is higher than the cash sum payable under the offer for
        each share to which the offer relates; the offer shall be deemed to be
        varied so that the cash sum payable for each share to which the offer
        relates is an amount equal to the highest amount paid or payable by
        the offeror for any of the shares referred to in paragraph (c).