Corporations Act 2001
(a) all the securities in the bid class; or
(b) a specified proportion of the securities in the bid class.
The proportion specified under paragraph (b) must be the same for all holders of securities in the bid class.618(2) Off-market bid - non-marketable parcels.
If accepting an offer under an off-market bid for quoted securities would leave a person with a parcel of the securities that is less than a marketable parcel (within the meaning of the rules of the relevant financial market), the offer extends to that parcel.
An offer for securities under a market bid must be an offer to buy all the securities in the bid class.