CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 6 - TAKEOVERS
History
Chapter 6 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).
PART 6.4 - FORMULATING THE TAKEOVER OFFER
History
Part 6.4 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).
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 securities exchange), 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.
History
S 618 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).
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