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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 650G  

650G  CONTRACTS AND ACCEPTANCES VOID IF DEFEATING CONDITION NOT FULFILLED  

All takeover contracts, and all acceptances that have not resulted in binding takeover contracts, for an off-market bid are void if:


(a) offers made under the bid have at any time been subject to a defeating condition; and


(b) the bidder has not declared the offers to be free from the condition within the period before the date applicable under subsection 630(1) or (2); and


(c) the condition has not been fulfilled at the end of the offer period.

A transfer of securities based on an acceptance or contract that is void under this section must not be registered.

 



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