Document ID: chunk:federal_register_of_legislation:F2024C00455:body:0:p6
Version: federal_register_of_legislation:F2024C00455
Segment Type: other
Provision Reference: 
Character Range: 12587–15314

the event referred to in paragraph (a) or (b) at the following times:
(c) for a market bid—the close of ordinary trading; and
(d) for an off-market bid—the time of day the offer period would have ended if it had not been extended under this subsection.
The bidder must give each of the persons specified in paragraph 650D(1)(c) (other than those who have accepted an offer under the bid) written notice that the extension has occurred within 3 days after that event.";
(h) after subsection 624(3) insert:

"(4) For the purposes of this section, close of ordinary trading, in relation to a particular day, means the latest time specified in the rules governing the operation of each prescribed financial market on which bid class securities are quoted (or as otherwise determined by the relevant market operator) as the time after which no further on-market transactions may be effected on that day.
Treatment of acceptances in an acceptance facility
(5) If:
(a) a bidder has established a facility covered by subsection 609A(2); and
(b) subsection 609A(1) applies with respect to bid class securities (acceptance facility securities) the subject of an acceptance (within the meaning of subsection 609A(5)), in relation to the facility, that is given to the operator of the facility; and
(c) the bidder has included in the notice given under subsection 630(3):
(i) a statement that the bid remains subject to one or more defeating conditions (other than defeating conditions of the kind referred to in paragraph 650F(1)(a));
(ii) a statement that the bidder has elected that this subsection is to apply; and
(iii) a description of the effect of this subsection;
then, in determining the bidder's voting power for the purposes of paragraph (2)(b), the bidder is taken to acquire a relevant interest in the acceptance facility securities at the time any condition of a kind specified in subsection 609A(3) that is specified in relation to the facility is satisfied.";
(i) at the end of subsection 625(3) insert on a new line:

           "The condition referred to in this subsection is not a defeating condition.";
(j) omit subsection 630(4), substitute:

"Bidder to give notice if defeating condition fulfilled
(4) If the condition is fulfilled (so that the offers become free of the condition) during the bid period but before the date for giving the notice on the status of the condition, the bidder must give as soon as practicable a notice that states that the condition has been fulfilled.".

6 Procedural steps in a takeover bid
 Chapter 6 of the Act applies to all persons as if the following provisions of Part 6.5 were omitted, modified or varied as follows:
(a) after subsection 633(1) insert:

"(1A) Despite any other