Corporations Act 2001

CHAPTER 6 - TAKEOVERS  

Note: This Chapter only applies to acquisitions of interests in a CCIV if the CCIV is a listed company: see Division 1 of Part 8B.7 .

PART 6.4 - FORMULATING THE TAKEOVER OFFER  

Division 4 - Conditional offers  

SECTION 629   CONDITIONS TURNING ON BIDDER ' S OR ASSOCIATE ' S OPINION NOT ALLOWED IN OFF-MARKET BIDS  

629(1)    
Offers under an off-market bid must not be subject to a defeating condition if the fulfilment of the condition depends on:

(a)    the bidder ' s, or an associate ' s, opinion, belief or other state of mind; or

(b)    the happening of an event that is within the sole control of, or is a direct result of action by, any of the following:

(i) the bidder (acting alone or together with an associate or associates);

(ii) an associate (acting alone or together with the bidder or another associate or associates of the bidder).

A purported condition of this kind is void.

Note: Section 9 defines defeating condition . Sections 630 , 650F and 650G deal with defeating conditions.

629(2)    

For the purposes of paragraph (1)(b) :

(a)    the target; and

(b)    a subsidiary of the target;

are taken not to be associates of the bidder if they would otherwise be an associate merely because of paragraph 12(2)(a) .