regarding the "legally obligated" issue;The ASX release stated...

regarding the "legally obligated" issue;

The ASX release stated that an offer would be made, however if you consult; https://westpoint.asic.gov.au/asic/pdflib.nsf/LookupByFileName/pn59.pdf/$file/pn59.pdf

you will see that although no specific conditions were stated it would be reasonable to assume that there will be standard conditions attached to the offer.

eg "An offeror announces a bid but does not mention any conditions. Section 746 will not be infringed if the bid is made subject to conditions which the market would anticipate as a matter of course in a bid of the kind announced.

another opt out;

(a) a change in circumstance after the public announcement was made, over which the offeror had no control (BT Australia Ltd v Bell Bros Pty Ltd (1981) 27 SASR 557), that is, a change in circumstance not caused by the offeror; or
(b) circumstances existing when the announcement was made, of which the offeror was not aware and could not reasonably have been expected to have been aware.

and this;

"The second element is that, as at the time that the bid is abandoned, it must be unreasonable to expect the offeror to proceed with the bid (either within the two month time limit or at all). In particular, it must be unreasonable because of the changed or newly discovered circumstances.

and this section needs to be looked at;
"Part VI: When is it unreasonable to expect an offeror to proceed?
RG 59.53 There are four classes of cases in which it is unreasonable to expect an offeror to proceed with an announced bid. This is the second element of the defence in s746(10) (para 51 and 52).

and this........."However, it may be unreasonable to expect the offeror to proceed with its bid if it had announced that the bid would be conditional on there being no such change [ in company position ]

and finally this section need be covered;
"Part VIII: Withdrawal of offers,

Fact is there are numerous grounds for not proceeding with offers and hence caution is urged until proof is seen.