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ASIC Corporations (Replacement Bidder’s and Target’s Statements) Instrument 2023/688
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Turn the raw legal text into a practical explanation grounded in ASIC Corporations (Replacement Bidder’s and Target’s Statements) Instrument 2023/688.
| “6 | The bidder must:(a) if the bidder is not eligible to rely on section 633A—send the bidder’s statement and offers to each person (other than the bidder) who, as at the date set by the bidder under subsection (2), holds:• securities in the bid class; or• if the bid extends to securities that come to be in the bid class due to the conversion of or exercise of rights attached to other securities or derivatives (see subsection 617(2))–the other securities or derivatives; | For subitem (a), to be done:(a) within a 3 day period; and(b) within 14—28 days after the bidder’s statement is sent to the target.The directors of the target may agree that the offers and accompanying documents be sent earlier.See also subsections (5) and (6).Item 2 of the table in section 611 covers offers made by the bidder on-market during the period between the lodgment of the bidder’s statement and the making of offers under the bid.Sections 648B and 648C provide for the manner in which documents may be sent to holders. |
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| Or:(b) if the bidder is eligible to rely on section 633A—send the replacement bidder’s statement and offers to each person (other than the bidder) who, as at the date set by the bidder under subsection (2), holds:• securities in the bid class; or• if the bid extends to securities that come to be in the bid class due to the conversion of or exercise of rights attached to other securities or derivatives (see subsection 617(2))–the other securities or derivatives.In either case, the offers must be made on the terms set out in the original bidder’s statement and the offer document lodged with ASIC under item 2. | For subitem (b), to be done:(a) within a 3 day period; and(b) within 14—28 days after the bidder becomes eligible to rely on section 633A unless one of the following subparagraphs apply in which case it may be done less than 14 days after the bidder becomes eligible to rely on that section:(i) the target agrees in writing, where that agreement has been approved in any of the ways a target’s statement must be approved under subsection 639(1);(ii) ASIC agrees in writing; or(iii) all changes to the bidder’s statement reflect a change in the valuation of securities offered as bid consideration since the day that the bidder lodged the original bidder’s statement.”; |