Corporations Act 2001
CCH note - modifying legislative instruments: The application of Ch 6 is affected by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Takeover Bids) Instrument 2023/683; the ASIC Corporations (Warrants: Relevant Interests and Associations) Instrument 2023/687; the ASIC Corporations (Replacement Bidder ' s and Target ' s Statements) Instrument 2023/688; and the ASIC Corporations (Relief to Facilitate Admission of Exchange Traded Funds) Instrument 2024/147.
For other legislative instruments or class orders before 1 January 2022 that affect the application of Ch 6, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
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 .
View history note
Hide history noteCCH note: This provision is modified by legislative instruments. See the CCH note at the end of the provision for details.
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.
650F(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.
650F(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.
[ CCH Note: S 650F(3) will be amended by No 69 of 2020, s 3, Sch 1[1014], by substituting " the Registrar " for " ASIC " in para (b) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
[ CCH Note: S 650F(3A) will be inserted by No 69 of 2020, s 3, Sch 1[1015] (effective 1 July 2026 or a day or days to be fixed by Proclamation). S 650F(3A) will read:
650F(3A)
If the notice is lodged with the Registrar, the lodgement must meet any requirements of the data standards.]
650F(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 .
CCH Note - modifying legislative instruments: Section 650F is modified by the following legislative instruments that commenced or were amended on or after 1 January 2022: the ASIC Corporations (Takeover Bids) Instrument 2023/683.
For modifying legislative instruments or class orders before 1 January 2022, please consult the legislative instruments or class orders directly. These are reproduced in the regulatory-resources section of the company-law practice area in CCH iKnowConnect.
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