THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW

THE CORPORATIONS LAW   82 

The Corporations Law is as follows:...

CHAPTER 6 - TAKEOVERS

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History

Chapter 6 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).

PART 6.4 - FORMULATING THE TAKEOVER OFFER

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Part 6.4 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).

Division 1 - General

SECTION 618   OFFERS MUST BE FOR ALL OR A PROPORTION OF SECURITIES IN THE BID CLASS  

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618(1)  Off-market bid.  

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.

618(2)  Off-market bid - non-marketable parcels.  

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.

618(3)  Market bid.  

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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History

S 618 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).

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