THE CORPORATIONS LAW
CCH Note:
Part 13 of the Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
CHAPTER 6 - TAKEOVERS
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Hide history notePART 6.5 - THE TAKEOVER PROCEDURE
Division 1 - The overall procedure
SECTION 634 OVERVIEW OF STEPS IN A MARKET BID 634 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 exchange | |
| +----------------------+ |
| +----------------------+ +--------------+ |
| Step 2 | bidder's | \ | * exchange | |
| | statement |-----| * target | |
| | | / | * ASIC | |
| +----------------------+ +--------------+ |
| +----------------------+ +--------------+ |
| Step 3 | bidder's statement | \ | * holders | |
| | and any other |-----| of bid class | |
| | documents sent with | / | securities |
| | it to the exchange | | | |
| +----------------------+ +--------------+ |
| +----------------------+ +--------------+ |
| Step 4 | copy of documents | \ | * exchange | |
| | sent to holders |-----| * ASIC | |
| +----------------------+ / +--------------+ |
| |
| TARGET
| +----------------------+ +--------------+ |
| Step 5 | | | * exchange | |
| | target's | | * bidder | |
| | statement | \ | * ASIC | |
| | |-----| * holders of | |
| | | / | bid class | |
| | | | securities | |
| +----------------------+ +--------------+ |
| |
| BIDDER |
| +----------------------+ |
| Step 6 | make offers on the | |
| | exchange | |
| +----------------------+ |
| |
| 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. |
+------------------------------------------------------+
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