Corporations Act 2001

CHAPTER 6 - TAKEOVERS  

PART 6.4 - FORMULATING THE TAKEOVER OFFER  

Division 1 - General  

SECTION 618   OFFERS MUST BE FOR ALL OR A PROPORTION OF SECURITIES IN THE BID CLASS  

618(1)   Off-market bid.  

An offer for securities under an off-market bid must be an offer to buy:

(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.

618(3)   Market bid.  

An offer for securities under a market bid must be an offer to buy all the securities in the bid class.