Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_618
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 618
Character Range: 186813–187638

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 securities exchange), 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.