Document ID: chunk:federal_register_of_legislation:C2025C00185:section:650f
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 650F
Character Range: 2569044–2570158

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.