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Reform of ss 621(4) and 623(2) and (3) of the Corporate Law Economic Reform Program Bill 1998

Corporations and Markets Advisory Committee
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This report was produced by the Corporations and Markets Advisory Committee. View further information about the Committee and it's other publications.

In this Paper, the Advisory Committee recommends that:

  • s 621(4) of the Corporate Law Economic Reform Program Bill December 1998 (the CLERP Bill) be extended to all bids, including non-cash-only-bids. The Bill should stipulate that the value of any quoted shares offered as part of the consideration should be determined as the average of the market price paid for those shares in the five trading days prior to the announcement of the bid.
  • the Government not proceed with s 623(2) & (3) of the CLERP Bill.