Commonwealth Numbered Acts
[Index]
[Table]
[Search]
[Search this Act]
[Notes]
[Noteup]
[Previous]
[Next]
[Download]
[Help]
COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 27
Variation or extension of take-over offers
27. (1) An offeror may not vary the terms of a take-over offer, or extend the
period for which a take-over offer remains open, except-
(a) where the regulations permit, either unconditionally or subject to
conditions, variations in the terms of take-over offers or of a class
of take-over offers in which the take-over offer is included or
extensions of the period for which take-over offers or such a class of
take-over offers remain open-in accordance with the regulations; or
(b) in any case-with the consent in writing of the Commission and subject
to such conditions (if any) as are specified in the instrument of
consent.
(2) Where-
(a) an offeror purports to vary the terms of a take-over offer, or to
extend the period for which a take-over offer remains open, in
accordance with the regulations; and
(b) the offeror contravenes or fails to comply with a condition applicable
under the regulations in relation to the variation or extension, the
terms of the take-over offer shall be deemed not to have been so
varied, or the period for which the take-over offer remains open shall
be deemed not to have been so extended, as the case may be.
(3) Where-
(a) the Commission consents, subject to a condition, to a variation of the
terms of a take-over offer, or to an extension of the period for which
a take-over offer remains open; and
(b) the offeror contravenes or fails to comply with the condition, the
terms of the take-over offer shall be deemed not to have been so
varied, or the period for which the take-over offer remains open shall
be deemed not to have been so extended, as the case may be.
(4) Nothing in this section affects the operation of section 19.
AustLII: Copyright Policy
| Disclaimers
| Privacy Policy
| Feedback