'Fair value' under s.667C of the Corporations Act 2001 for compulsory acquisition of minority securities requires assessment of the value of the entity as a whole and pro rata allocation among securities, without inclusion of special benefits to the acquirer, premiums for forcible taking, or disproportionate allocation of value to minority unitholders. The disclosure requirements under s.664C in the compulsory acquisition context are different from and less extensive than those applicable to schemes of arrangement, because the minority unitholder's decision is limited to whether to object to a fixed offer assessed against the statutory criterion of fair value. Procedural irregularities in the compulsory acquisition notice process may be cured under ss.1322 and 1325D of the Act.
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