628
In forceConditions requiring payments to officers of target not allowed in off‑market bids
Volume 3Chapter 5A, Part 5A.1 to Chapter 6D, Part 6D.5 sections 601 to 742
Chapter 6Takeovers
Part 6.4Formulating the takeover offer
Division 4Conditional offers
628 Conditions requiring payments to officers of target not allowed in off‑market bids
An offer to a person under an off‑market bid must not be made subject to a condition that requires the person to approve or consent to a payment or other benefit to an officer or employee of the target or a related body corporate:
(a)
as compensation for loss of; or
(b)
as consideration in connection with retirement from;
any office or employment in connection with the management of the target or of a related body corporate. A purported requirement of this kind is void.
This Act’s bill:Explanatory memorandumSecond reading speech
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