Off-market bids (express variation by bidder)
SECTION 650FFREEING OFF-MARKET BIDS FROM DEFEATING CONDITIONS
Method of removing defeating condition]
If the offers under an off-market bid are subject to a defeating condition, the bidder may free the offers, and the takeover contracts, from the condition only by giving the target a notice declaring the offers to be free from the condition in accordance with this section:
(a) if the condition is that the bidder may withdraw unaccepted offers if an event or circumstance referred to in subsection 652C(1) or (2) occurs in relation to the target
not later than 3 business days after the end of the offer period; or
(b) in any other case
not less than 7 days before the end of the offer period.
Contents of notice]
The notice must:
(a) state that the offers are free from the condition; and
(b) specify the bidder's voting power in the company.
Lodgment of notice]
The notice must be:
(a) if the securities in the bid class are quoted
given to the relevant market operator; and