Off‑market bids and market bids
(1) There are 2 kinds of takeover bid: (a) an off‑market bid (for quoted or unquoted securities); or (b) a market bid (only available for quoted securities). Note: Although the prohibition in section 606 is against acquiring relevant interests in voting shares, a takeover bid may be made for any securities (for example, as a preliminary to compulsorily acquiring securities in that class under Part 6A.1). (2) The following table shows where to find the provisions dealing with the main features of the offers that may be made under off‑market bids and market bids and the procedures to be followed: Takeover bids [signpost table] Feature Off‑market bid Market bid 1 people to whom offers made 617(1)‑(2) 617(3) 2 securities covered 618(1)‑(2) 618(3) 3 consideration offered for the securities 621(1), (3)‑(5) and 651A 621(2), (3)‑(5) 4 escalation agreements and collateral benefits not allowed 622 and 623 622 and 623 5 offer period 624(1)‑(2) and 650C 624(1)‑(2) and 649C 6 conditional offers 625(2)‑(3) and 626‑630 625(1) 7 procedure to be followed in making bid 632 and 633 634 and 635 8 acceptances 650E and 653A‑653B ‑
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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