Section 620 — Corporations Act 2001: Off-market bid (offer formalities)

(1) Each offer under an off-market bid must: (a) be in writing; and (b) have the same date; and (c) provide that, unless withdrawn, it will remain open until the end of the offer period (see section 624); and (d) state how, and when, the bidder is to satisfy their obligations. (2) Each offer must provide that the bidder is to pay or provide the consideration for the offer: (a) if the bidder is given the necessary transfer documents with the acceptance—by the end of whichever of the following periods ends earlier: (i) 1 month after the offer is accepted or, if the offer is subject to a defeating condition, within 1 month after the takeover contract becomes unconditional (ii) 21 days after the end of the offer period; or (b) if the bidder is given the necessary transfer documents after the acceptance and before the end of the bid period—within 1 month after the bidder is given the necessary transfer documents; or (c) if the bidder is given the necessary transfer documents after the acceptance and after the end of the bid period—within 21 days after the bidder is given the necessary transfer documents. Note: Subsection 630(1) requires an offer that is subject to a defeating condition to specify a date for declaring whether the condition has been fulfilled or not. (3) The offer may provide that the bidder may avoid the takeover contract if the bidder is not given the necessary transfer documents within 1 month after the end of the offer period.