Section 617 — Corporations Act 2001 (Cth)

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.

Related sections

• s 613 — Bidder not to exercise voting rights if failure to send bids for off‑market acquisition—exception 2 or 3
• s 615 — Treatment of foreign holders under equal access issue—exception 10
• s 616 — Off‑market bids and market bids
• s 618 — Offers must be for all or a proportion of securities in the bid class
• s 619 — General terms of the offer
• s 620 — Off‑market bid (offer formalities)

Research how courts apply s 617

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