Section 670E — Corporations Act 2001 (Cth)

(1) A person who:

(a) enters into a transaction relating to securities in reliance on:

(i) a public proposal for a takeover bid; or

(ii) an announcement of a market bid; and

(b) suffers loss or damage that results from a contravention of section 631:

may recover the amount of the loss or damage from:

(c) the person who contravened the section; or

(d) any person involved in the contravention.

(2) To determine the amount of compensation payable under subsection (1), deduct the price of the securities at which the transaction was entered into from the price of the securities at which the transaction would have been likely to be entered into if the proposal or announcement had not been made.

Related sections

• s 670B — Right to recover for loss or damage resulting from contravention
• s 670C — People liable on takeover or compulsory acquisition statement to inform maker about deficiencies in the statement
• s 670D — Defences against prosecutions under subsection 670A(3) and actions under section 670B
• s 670F — Defences
• s 671A — Chapter extends to some listed bodies that are not companies
• s 671B — Information about substantial holdings must be given to company, responsible entity, fund operator and relevant market operator

Research how courts apply s 670E

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