Division 2 - Off-market bids (express variation by bidder)
SECTION 650FFREEING 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