Section 618 — Corporations Act 2001: 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 financial market), 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.