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CORPORATIONS ACT 2001 - SECT 650F

Freeing off - market bids from defeating conditions

  (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 .


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