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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 630
Off-market bid may include defeating conditions
(1) Offers under an
off-market bid may be made subject to a defeating condition only if the offers
specify a date (not more than 14 days and not less than 7 days before the end
of the offer period) for giving a notice on the status of the condition.
(2) If the offer period is extended by a period:
- the date for giving the
notice is taken to be postponed for the same period; and
- as soon as practicable after the extension, the bidder must give a notice
- the new date for giving the notice of the status of the condition; and
- whether the offers have been freed from the condition and whether, so far
as the bidder knows, the condition has been fulfilled on the date the notice
under this subsection is given.
Bidder to give notice of status of defeating condition near end of offer
(3) On the date determined under subsection (1) or (2), the
bidder must give a notice that states:
- whether the offers are free of
the condition; and
- whether, so far as the bidder knows, the condition was fulfilled on the
date the notice is given; and
- the bidder's voting power in the target.
The bidder must comply with this subsection whether or not the bidder has
given a notice under subsection (4) or 650F(1).
- Note: The offers may be freed of the condition by a declaration by the bidder
under subsection 650F(1).
Bidder to give notice if defeating condition fulfilled
(4) If the condition
is fulfilled (so that the offers become free of the condition) during the
bid period but before the date for publishing the notice on the status of the
condition, the bidder must publish as soon as practicable a notice that states
that the condition has been fulfilled.
(5) A notice under this section is given by:
- giving the notice to the
- for quoted bid class securitiesgiving the notice to the relevant
securities exchange; and
- for unquoted bid class securitieslodging the notice with ASIC.
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