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CORPORATIONS ACT 2001 - SECT 629

Conditions turning on bidder's or associate's opinion not allowed in off-market bids

             (1)  Offers under an off-market bid must not be subject to a defeating condition if the fulfilment of the condition depends on:

                     (a)  the bidder's, or an associate's, opinion, belief or other state of mind; or

                     (b)  the happening of an event that is within the sole control of, or is a direct result of action by, any of the following:

                              (i)  the bidder (acting alone or together with an associate or associates);

                             (ii)  an associate (acting alone or together with the bidder or another associate or associates of the bidder).

A purported condition of this kind is void.

Note:          Section 9 defines defeating condition . Sections 630, 650F and 650G deal with defeating conditions.

             (2)  For the purposes of paragraph (1)(b):

                     (a)  the target; and

                     (b)  a subsidiary of the target;

are taken not to be associates of the bidder if they would otherwise be an associate merely because of paragraph 12(2)(a).



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