Section 663A — 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 holders of securities that are convertible into bid class securities in accordance with sections 663B and 663C. This section does not apply to securities if a takeover bid has been made for the convertible securities and a notice has been given under section 661B or 662B in relation to the convertible securities.

Note: For when securities are convertible into bid class securities, see the definition of convertible securities in section 9.

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

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

Related sections

• s 662A — Bidder must offer to buy out remaining holders of bid class 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 663B — Bidder to tell holders of convertible securities of their right to be bought out
• s 663C — Right of holders of convertible securities to be bought out
• s 664A — Threshold for general compulsory acquisition power

Research how courts apply s 663A

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