Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) 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.
(2) The notice must:
(a) state that the offers are free from the condition; and
(b) specify the bidder's voting power in the company.
(3) The notice must be:
(a) if the securities in the bid class are quoted--given to the relevant market operator; and
(b) if those securities are not quoted--lodged with ASIC.
(4) An offence based on subsection (3) is an offence of strict liability.
Note: For strict liability , see section 6.1 of the Criminal Code .