CORPORATIONS ACT 2001

CHAPTER 6 - TAKEOVERS  

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)   [ Defeating condition]  

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)   [ Target and subsidiary of target]  

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).


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