Section 634 — Corporations Act 2001: Overview of steps in a market bid

The following diagram gives an overview of the steps involved in a market bid. Overview of steps in a market bid Bidder Step 1 announcement of bid to the market Step 2 bidder’s statement —— * market * target * ASIC Step 3 bidder’s statement and any other documents sent with it to the market —— * holders of bid class securities Step 4 copy of documents sent to holders —— * market * ASIC Target Step 5 target’s statement —— * market * bidder * ASIC * holders of bid class securities Bidder Step 6 make offers on the market The holders then consider the terms of the offer, and the statements provided by the bidder and the target, and decide whether to accept the offer on-market before the end of the bid period.