Commonwealth Numbered Acts

COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 21

21. (1) A take-over offer is not capable of being withdrawn without the
consent of the Commission during the period of 14 days after the day on which
the offer was dispatched.

(2) A take-over offer is not capable of being withdrawn unless at the same
time the offeror withdraws all other offers under the relevant take-over
scheme that have not been accepted and, if the offeror so withdraws take-over
offers-

   (a)  a contract that resulted from the acceptance of any other offer under
        the take-over scheme is voidable at the option of the offeree by
        notice in writing given to the offeror not later than one month after
        the take- over offers are withdrawn; and

   (b)  no contract that resulted from the acceptance of any other offer under
        the take-over scheme is voidable at the option of the offeror by
        reason of the withdrawal of the take-over offers notwithstanding
        anything contained in that contract or in any agreement, arrangement,
        under- understanding or undertaking relating to that contract.

(3) Where a take-over offer or take-over offers is or are withdrawn, the
person withdrawing the take-over offer or take-over offers shall-

   (a)  forthwith dispatch in a manner approved by the Commission to every
        person who, by virtue of the withdrawal, has an option under sub-
        section (2) to rescind a contract referred to in that sub-section a
        notice in writing informing that person of the withdrawal and setting
        out the terms of that sub-section; and

   (b)  on the day on which notices under paragraph (a) are dispatched-

        (i)    serve on the target company;

        (ii)   lodge with the Commission; and

        (iii)  if the target company is a listed public company-serve on the
               stock exchange that is the home exchange in relation to that
               company, a copy of one of the notices dispatched in accordance
               with paragraph (a).

(4) For the purpose of calculating the period of one month referred to in
paragraph (2) (a), the take-over offers referred to in that paragraph shall be
taken to have been withdrawn on the day on which notices are dispatched to
offerees under paragraph (3) (a).

(5) A take-over offer dispatched pursuant to an order made by the Court under
paragraph 46 (1) (f) is not capable of being withdrawn without the approval of
the Commission.