Off-market bid—general

(1) A bidder making an off-market bid for securities may offer any form of consideration for the securities, including:

(a)

a cash sum; or

(b)

securities (including shares, debentures, interests in a managed investment scheme or options); or

(c)

a combination of a cash sum and securities.

Note: Sections 650B and 651A deal with variations of the consideration offered under the bid.

Market bid—cash only

(2) As the offers under a market bid for securities are made through the stock market of a securities exchange, the bidder must offer to acquire the securities for a cash sum only for each security.

Note: Section 649B deals with variations of the consideration offered under the bid.

All bids—minimum consideration if bidder purchased securities in the 4 months before the bid

(3) The consideration offered for securities in the bid class under a takeover bid must equal or exceed the maximum consideration that the bidder or an associate provided, or agreed to provide, for a security in the bid class under any purchase or agreement during the 4 months before the date of the bid. (4) For the purposes of subsection (3), the consideration offered or provided for a security is:

(a)

if the consideration offered or provided is a cash sum only—the amount of that cash sum; or

(b)

if the consideration offered or provided does not include a cash sum—the value of that consideration; or

(c)

if the consideration offered or provided is a cash sum and other consideration—the sum of the amount of the cash sum and the value of the other consideration.