Section 662A — Corporations Act 2001 (Cth)

(1) If the bidder and their associates have relevant interests in at least 90% of the securities (by number) in the bid class at the end of the offer period, the bidder must offer to buy out the remaining holders of bid class securities in accordance with sections 662B and 662C.

(1A) An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.

(2) This section does not apply to securities that are issued:

(a) if the takeover bid was not subject to a defeating condition—after the end of the offer period; or

(b) if the takeover bid was subject to a defeating condition—after the notice whether the bid is free from a defeating condition or not is given under subsection 630(3).

Related sections

• s 661D — Holder may obtain names and addresses of other holders
• s 661E — Holder may apply to Court to stop acquisition
• s 661F — Signpost—completing the acquisition of the securities
• s 662B — Bidder to tell remaining holders of their right to be bought out
• s 662C — Right of remaining holder of securities in the bid class to be bought out
• s 663A — Bidder must offer to buy out holders of convertible securities

Research how courts apply s 662A

BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.