Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_649c
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 649C
Character Range: 260876–262121

649C  Market bids—extending the offer period

 (1) The bidder may extend the offer period. The extension must be announced to the relevant securities exchange at least 5 trading days of the exchange before the end of the offer period. However, the announcement may be made up to the end of the offer period if during those 5 trading days:
 (a) another person lodges with ASIC a bidder's statement for a takeover bid for securities in the bid class; or
 (b) another person announces a takeover bid for securities in the bid class; or
 (c) another person makes offers under a takeover bid for securities in the bid class; or
 (d) the consideration for offers under another takeover bid for securities in the bid class is improved.
The offer period is extended by having the extension announced to the relevant securities exchange.

Note: Section 624 provides for an automatic extension of the bid period in certain circumstances.

 (2) On the day on which the announcement is made, the bidder must:
 (a) give the target and the relevant securities exchange a notice setting out the terms of the announcement; and
 (b) lodge a notice setting out the terms of the announcement with ASIC.

Division 2—Off‑market bids (express variation by bidder)