Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 676

676. (1) The price to be specified in an announcement made in accordance with
subsection 674 (1) on behalf of an offeror in respect of shares in a class of
shares in a company as the price per share at which shares will be acquired
shall, if the offeror or an associate of the offeror, in the 4 months ending
on the day immediately before the day of the announcement, purchased or agreed
to purchase shares in that company in that class of shares, be not less than
the highest price per share paid or agreed to be paid in respect of any of
those shares pursuant to any such purchase or agreement to purchase.

(2) Where, in the 4 months ending on the day immediately before the day of a
takeover announcement, the offeror or an associate of the offeror has entered
into an agreement for the purchase of a share or shares in the target company,
being an agreement that provides that the price payable for the share or any
of the shares is a price specified in the agreement but may be varied in
accordance with the terms of the agreement, any such variations shall be
disregarded in determining, for the purposes of subsection (1), the price
agreed to be paid for the share or shares under the agreement.