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

View history reference

View history note

PART 6.5 - THE TAKEOVER PROCEDURE

View history note

Division 1 - The overall procedure

SECTION 632 OVERVIEW OF STEPS IN AN OFF-MARKET BID

View history reference

632 The following diagram gives an overview of the steps involved in an off-market bid.

+------------------------------------------------------+
|        OVERVIEW OF STEPS IN AN OFF-MARKET BID        |
|                                                      |
|        BIDDER                                        |
|        +----------------------+     +--------------+ |
| Step 1 |  bidder's statement  |   \ |    * ASIC    | |
|        | (together with offer |-----|   * target   | |
|        |       document)      |   / |  *[exchange] | |
|        +----------------------+     +--------------+ |
|        +----------------------+     +--------------+ |
| Step 2 |      notice that     |   \ |    * ASIC    | |
|        |      Step 1 done     |-----|              | |
|        +----------------------+   / +--------------+ |
|        +----------------------+     +--------------+ |
| Step 3 |  bidder's statement  |   \ |  * holders   | |
|        |      and offers      |-----| of bid class | |
|        |                      |   / |  securities  | |
|        +----------------------+     +--------------+ |
|        +----------------------+     +--------------+ |
| Step 4 |      notice that     |   \ |   * target   | |
|        |     Step 3 done      |-----|    * ASIC    | |
|        |                      |   / | * [exchange] | |
|        +----------------------+     +--------------+ |
|                                                      |
|        TARGET
|        +----------------------+     +--------------+ |
| Step 5 |                      |     |   * bidder   | |
|        |       target's       |     |  * holders   | |
|        |       statement      |   \ | of bid class | |
|        |                      |-----|  securities  | |
|        |                      |   / |   * ASIC     | |
|        |                      |     | * [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 under |
| section 653A before the end of the bid period.       |
| A holder may also decide to sell on-market during    |
| the bid period.                                      |
+------------------------------------------------------+

View history note

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.