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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 650D
Off-market bidsmethod of making variation
Variation to be made by notice to the target and holders
(1) To vary offers
under an off-market bid, the bidder must:
- prepare a notice that:
- sets out the terms of the proposed variation; and
- if the bid is subject to a defeating condition and the proposed variation
postpones for more than 1 month the time by which the bidder must satisfy
their obligations under the bidinforms people about the right to
withdraw acceptances under section 650E; and
- lodge the notice with ASIC; and
- after the notice is lodged, give the notice to:
- the target; and
- everyone to whom offers were made under the bid.
- Note: Sections 648B and 648C provide for the manner in which documents
may be sent to holders.
(2) A person must be sent a copy of the notice under
subparagraph (1)(c)(ii) even if they have already accepted the offer.
However, they need not be sent a copy if:
- the variation merely extends
the offer period; and
- the bid is not subject to a defeating condition at the time the notice is
given to the target.
(3) A notice under subsection (1) must be signed by:
- if the bidder
is, or includes, an individualthe individual; and
- if the bidder is, or includes, a body corporate with 2 or more
directorsnot fewer than 2 of the directors who are authorised to sign
the notice by a resolution passed at a directors' meeting; and
- if the bidder is, or includes, a body corporate that has only one
(4) A copy of a notice given to a person under subparagraph (1)(c)(ii)
must include a statement that:
- a copy of the notice was lodged with ASIC
on a specified date; and
- ASIC takes no responsibility for the contents of the notice.
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