Market bids
(1) Offers under a market bid must be unconditional.
Off-market bids may generally be conditional
(2) Offers under an
off-market bid may be subject to conditions that are not prohibited by
sections 626 to 629.
(3) If:
- (a)
- the consideration offered is or includes securities; and
- (b)
- the offer or the bidder's statement states or implies that the securities
are to be quoted on a stock market of a securities exchange (whether in
Australia or elsewhere);
the following rules apply:
- (c)
- the offer is subject to a condition that:
- (i)
- an application for admission to quotation will be made within 7 days after
the start of the bid period; and
- (ii)
- permission for admission to quotation will be granted no later than 7
days after the end of the bid period;
- (d)
- the offer may not be freed from this condition.
- Note: Section 1325A provides that a Court may make a remedial order if
the condition is not satisfied.
Commonwealth Numbered Acts