Document ID: chunk:federal_register_of_legislation:F2024C00455:body:0:p5
Version: federal_register_of_legislation:F2024C00455
Segment Type: other
Provision Reference: 
Character Range: 10062–12798

the bidder is given the necessary transfer documents—by the end of whichever of the following periods ends earlier:
                  (i) 1 month after the takeover contract becomes unconditional; or
                  (ii) 21 days after the end of the offer period; or
              (ba) if the bidder is given the necessary transfer documents after the acceptance and before the end of the bid period and the offer is unconditional at the time that the bidder is given the necessary transfer documents—by the end of whichever of the following periods ends earlier:
                  (i) 1 month after the bidder is given the necessary transfer documents; or
                  (ii) 21 days after the end of the offer period; or
              (c) if the bidder is given the necessary transfer documents after the acceptance and after the end of the bid period:
                  (i) if at the time the bidder is given the necessary transfer documents the takeover contract is unconditional—within 21 days after the bidder is given the necessary transfer documents; or
                  (ii) if at the time the bidder is given the necessary transfer documents the takeover contract is subject to a defeating condition that relates only to the happening of an event or circumstance referred to in subsection 652C(1) or (2)—within 21 days after the takeover contract becomes unconditional.";
(e) after subsection 620(2), insert:
              "(2A) For the avoidance of doubt, an offer will satisfy a requirement in subsection (2) to provide or pay consideration within a period if it provides for the consideration to be paid or provided within a shorter period.";
(f) omit subsection 623(1), substitute:

"(1) A bidder, or an associate, must not, during:
(a) for an off-market bid—the offer period; or
(b) for a market bid—the bid period;
give, offer to give or agree to give a benefit to a person if:
(c) the benefit is likely to induce the person or an associate to:
(i) accept an offer under the bid; or
(ii) dispose of securities in the bid class; and
(d) the benefit is not offered to all holders of securities in the bid class under the bid.";
(g) omit subsection 624(2) (excluding the heading and the note), substitute:

"(2) If, within the last 7 days of the offer period:
(a) for an off-market bid—the offers under the bid are varied to improve the consideration offered; or
(b) in any case—the bidder's voting power in the target increases to more than 50%;
the offer period is extended so that it ends 14 days after the event referred to in paragraph (a) or (b) at the following times:
(c) for a market bid—the close of ordinary trading; and
(d) for an off-market bid—the time of day the offer period would have ended if it had