THE CORPORATIONS LAW

CHAPTER 6 - TAKEOVERS

PART 6.4 - FORMULATING THE TAKEOVER OFFER

Division 4 - Conditional offers

SECTION 630   DEFEATING CONDITIONS  

630(1)  Off-market bid may include defeating conditions.  

Offers under an off-market bid may be made subject to a defeating condition only if the offers specify a date (not more than 14 days and not less than 7 days before the end of the offer period) for giving a notice on the status of the condition.

630(2)  [Extension of offer period]  

If the offer period is extended by a period:

(a)  the date for giving the notice is taken to be postponed for the same period; and

(b)  as soon as practicable after the extension, the bidder must give a notice that states:

(i) the new date for giving the notice of the status of the condition; and
(ii) whether the offers have been freed from the condition and whether, so far as the bidder knows, the condition has been fulfilled on the date the notice under this subsection is given.

630(3)  Bidder to give notice of status of defeating condition near end of offer period.  

On the date determined under subsection (1) or (2), the bidder must give a notice that states:

(a)  whether the offers are free of the condition; and

(b)  whether, so far as the bidder knows, the condition was fulfilled on the date the notice is given; and

(c)  the bidder's voting power in the target.

The bidder must comply with this subsection whether or not the bidder has given a notice under subsection (4) or 650F(1).

Note:

The offers may be freed of the condition by a declaration by the bidder under subsection 650F(1).

630(4)  Bidder to give notice if defeating condition fulfilled.  

If the condition is fulfilled (so that the offers become free of the condition) during the bid period but before the date for publishing the notice on the status of the condition, the bidder must publish as soon as practicable a notice that states that the condition has been fulfilled.

630(5)  [How notice is given]  

A notice under this section is given by:

(a)  giving the notice to the target; and

(b)  for quoted bid class securities - giving the notice to the relevant securities exchange; and

(c)  for unquoted bid class securities - lodging the notice with ASIC.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.