Off‑market bids—method of making variation
Variation to be made by notice to the target and holders (1) To vary offers under an off‑market bid, the bidder must: (a) prepare a notice that: (i) sets out the terms of the proposed variation; and (ii) if the bid is subject to a defeating condition and the proposed variation postpones for more than 1 month the time by which the bidder must satisfy their obligations under the bid—informs people about the right to withdraw acceptances under section 650E; and (b) lodge the notice with ASIC; and (c) after the notice is lodged, give the notice to: (i) the target; and (ii) everyone to whom offers were made under the bid. Note: Sections 648B and 648C provide for the manner in which documents may be sent to holders. (2) A person must be sent a copy of the notice under subparagraph (1)(c)(ii) even if they have already accepted the offer. However, they need not be sent a copy if: (a) the variation merely extends the offer period; and (b) the bid is not subject to a defeating condition at the time the notice is given to the target. (3) A notice under subsection (1) must be signed by: (a) if the bidder is, or includes, an individual—the individual; and (b) if the bidder is, or includes, a body corporate (other than a notified foreign passport fund) with 2 or more directors—not fewer than 2 of the directors who are authorised to sign the notice by a resolution passed at a directors’ meeting; and (c) if the bidder is, or includes, a body corporate (other than a notified foreign passport fund) that has only one director—that director. (4) A copy of a notice given to a person under subparagraph (1)(c)(ii) must include a statement that: (a) a copy of the notice was lodged with ASIC on a specified date; and (b) ASIC takes no responsibility for the contents of the notice.
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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