Policy: Minimum Price Requirement s621(3) & (4)
The Corporations and Securities Panel (the Takeovers Panel) today released a policy about the minimum price requirement of the Corporations Law (s.621(3)) and some aspects of valuing listed securities offered as consideration under takeover bids. Under the minimum price requirement, a bidder must offer the same value, in cash or securities, as the highest price the bidder or an associate paid for bid class securities, in the four months before the bid.