Check a notice that varies an off-market bid
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- Against the lawyer's draft variation notice, record whether it sets out the terms of the proposed variation. If the lawyer has marked the bid as subject to a defeating condition and the variation postpones for more than one month the time by which the bidder must satisfy its obligations, record whether the notice tells people of the right to withdraw acceptances under section 650E. Record whether the notice has been lodged with ASIC and whether, after lodgement, it has been given to the target and to everyone to whom offers were made. Record the signatory against the bidder type the lawyer marks, and whether a copy sent to an offeree states the lodgement date and that ASIC takes no responsibility for the contents. Do not draft or lodge the notice.
- What the lawyer must review
- The lawyer settles and signs the notice, decides whether the variation postpones the bidder's obligations by more than a month, and decides who must receive it. Sections 648B and 648C, on how documents are sent, were not opened.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | Against the lawyer's draft variation notice, record whether it sets out the terms of the proposed variation. If the lawyer has marked the bid as subject to a defeating condition and the variation postpones for more than one month the time by which the bidder must satisfy its obligations, record whether the notice tells people of the right to withdraw acceptances under section 650E. Record whether the notice has been lodged with ASIC and whether, after lodgement, it has been given to the target and to everyone to whom offers were made. Record the signatory against the bidder type the lawyer marks, and whether a copy sent to an offeree states the lodgement date and that ASIC takes no responsibility for the contents. Do not draft or lodge the notice. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- To vary offers under an off-market bid the bidder prepares a notice of the terms of the proposed variation, lodges it with ASIC, and after lodgement gives it to the target and to everyone to whom offers were made.
- If the bid is subject to a defeating condition and the variation postpones for more than one month the time by which the bidder must satisfy its obligations, the notice must inform people about the right to withdraw acceptances under section 650E. Whether the postponement is more than one month is the lawyer's mark. The withdrawal itself is a separate task.
- A person who has already accepted must still be sent a copy, unless the variation merely extends the offer period and the bid is not subject to a defeating condition when the notice is given to the target.
- An individual bidder signs. A body corporate bidder, other than a notified foreign passport fund, with two or more directors is signed by at least two directors authorised by a resolution passed at a directors' meeting. If that body has only one director, that director signs. The section as read does not say who signs for a notified foreign passport fund.
- A copy given to a person to whom an offer was made must state that a copy was lodged with ASIC on a specified date and that ASIC takes no responsibility for the contents.
- Sections 648B and 648C were not opened. Do not describe how the notice is sent. This is not an extension under section 650C, a bidder withdrawal under section 652B, or the status notice under section 630.
Sources
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.