51ABZZMAcquisitions not stayed during period in which application for review may be made

51ABZZM Acquisitions not stayed during period in which application for review may be made

(1) This section applies to a notification of an acquisition if:

(a) the Commission makes a determination in respect of the notification under paragraph 51ABZE(1)(a); and

(b) section 51ABZZL applies to the acquisition immediately before the Commission makes the determination.

(2) Despite subsection 51ABE(3), the acquisition is not stayed during the period:

(a) starting when the determination is made; and

(b) ending:

(i) if no application is made under subsection 100C(1) for review of the determination—at the end of the period during which such an application could be made; or

(ii) if such an application is made—when the bidder (within the meaning of the Corporations Act 2001) for the takeover bid becomes aware that the application has been made.

(3) Also, the acquisition is not stayed at the time it is put into effect, to the extent the acquisition results from an on‑market transaction (within the meaning of the Corporations Act 2001) that occurs so soon after the bidder becomes aware that the application has been made that it is not reasonably possible for the bidder to prevent the transaction from occurring.

(4) For the purposes of subsections (2) and (3), the bidder is taken to be aware that an application has been made if the bidder ought reasonably to be aware of it.

Voting rights

(5) To the extent the acquisition is put into effect at a time at which, because of subsection (2) or (3), the acquisition is not stayed, the bidder is not entitled to exercise the voting rights attached to any of the shares.

(6) Subsection (5) ceases to apply:

(a) if no application is made under subsection 100C(1) for review of the determination—at the end of the period during which such an application could be made; or

(b) if such an application is made—at the earliest time (if any) at which:

(i) the notification has been finally considered; and

(ii) subsection 51ABE(4) does not apply to the acquisition.