Document ID: chunk:federal_register_of_legislation:C2025C00185:section:634
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 634
Character Range: 2509926–2514141

634  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.