Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 618

Offers must be for all or a proportion of securities in the bid class

Off-market bid

             (1)  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.

Off-market bid--non-marketable parcels

             (2)  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.

Market bid

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



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