Corporate Act Chapter 6

[ROE]

Hi
Anyone know a decent link to Corporate Act Chapter 6 in a readable format
and a chapter details voting acceptance level for a successful takeover.

 

[Sean K]

Hi
Anyone know a decent link to Corporate Act Chapter 6 in a readable format
and a chapter details voting acceptance level for a successful takeover.

Yep:

http://www.google.com.au/

and it produces:

http://www.camac.gov.au/camac/camac.nsf/byHeadline/PDFFinal+Reports+1994/$file/Anomalies_in_the_Takeovers_provisions_of_the_Corp_Law,_March_1994.pdf

Good luck.

 

[sneak'n]

Bids are either off-market, or market.
The steps are many leading to acquisition, and along the way shareholders are required to to decide on which side of the fence they will sit, or act on, until an outcome is reached.

CORPORATIONS ACT 2001 - SECT 661A
Compulsory acquisition power following takeover bid
Threshold for compulsory acquisition power

(1) Under this subsection, the bidder under a takeover bid may compulsorily acquire any securities in the bid class if:

(a) the bid is:

(i) an off‑market bid to acquire all the securities in the bid class; or

(ii) a market bid; and

(b) during, or at the end of, the offer period:

(i) the bidder and their associates have relevant interests in at least 90% (by number) of the securities in the bid class; and

(ii) the bidder and their associates have acquired at least 75% (by number) of the securities that the bidder offered to acquire under the bid (whether the acquisitions happened under the bid or otherwise).

Occasionally there is no outcome and you could be left with shares that wallow in price after a bid lapses or an unmarketable parcel of shares.
http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/