(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 targetnot later than 3 business days after the end of the offer
period; or
- (b)
- in any other casenot 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
quotedgiven to the relevant securities exchange; and
- (b)
- if those securities are not quotedlodged with ASIC.