Conditions turning on bidder’s or associate’s opinion not allowed in off‑market bids
(1) 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. (2) 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).
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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