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CORPORATIONS ACT 2001

CHAPTER 6 - TAKEOVERS  

PART 6.6 - VARIATION OF OFFERS  

Division 2 - Off-market bids (express variation by bidder)  

SECTION 650F  FREEING OFF-MARKET BIDS FROM DEFEATING CONDITIONS  

650F(1)  [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.

650F(2)  [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.

650F(3)  [Lodgment of notice]  


The notice must be:


(a) if the securities in the bid class are quoted - given to the relevant market operator; and
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(b) if those securities are not quoted - lodged with ASIC.

650F(4)  [Strict liability offence]  

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An offence based on subsection (3) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.


 



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