(1) Each offer under an off-market bid must:
- (a)
- be in writing; and
- (b)
- have the same date; and
- (c)
- provide that, unless withdrawn, it will remain open until the end of the
offer period (see section 624); and
- (d)
- state how, and when, the bidder is to satisfy their obligations.
(2) Each offer must provide that the bidder is to pay or provide the
consideration for the offer:
- (a)
- if the bidder is given the
necessary transfer documents with the acceptanceby the end of whichever
of the following periods ends earlier:
- (i)
- 1 month after the offer is accepted or, if the offer is subject to a
defeating condition, within 1 month after the takeover contract becomes
unconditional
- (ii)
- 21 days after the end of the offer period; or
- (b)
- if the bidder is given the necessary transfer documents after the
acceptance and before the end of the bid periodwithin 1 month after the
bidder is given the necessary transfer documents; or
- (c)
- if the bidder is given the necessary transfer documents after the
acceptance and after the end of the bid periodwithin 21 days after the
bidder is given the necessary transfer documents.
- Note: Subsection 630(1) requires an offer that is subject to a
defeating condition to specify a date for declaring whether the condition has
been fulfilled or not.
(3) The offer may provide that the bidder may avoid the takeover contract if
the bidder is not given the necessary transfer documents within 1 month after
the end of the offer period.