Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 617

Off - market bid

  (1)   An off - market bid must relate to securities:

  (a)   in a class of securities (the bid class); and

  (b)   that exist or will exist as at the date set by the bidder under subsection   633(2).

Note:   Subsection   92(3) defines securities for the purposes of this Chapter.

  (2)   If other securities exist or will exist at that date that:

  (a)   will convert, or may be converted, to securities in the bid class; or

  (b)   confer rights to be issued securities in the bid class;

the bid may extend to securities that come to be in the bid class during the offer period due to a conversion or exercise of the rights.

Note:   The bidder's statement must say if the bid is extended in this way (see paragraph   636(1)(j)).

Market bid

  (3)   A market bid must relate to securities:

  (a)   in a class of quoted securities (the bid class); and

  (b)   that exist or will exist at any time during the offer period.