Document ID: chunk:federal_register_of_legislation:C2025C00185:section:632
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 632
Character Range: 2494665–2499693

632  Overview of steps in an off‑market bid
  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 (together with offer document)       * ASIC
                                                                                                                                                                                                                                                                                                                              ——  * target
                                                                                                                                                                                                                                                                                                                                   * [market]

Step 2                                                                                                                                                                                                                                                                     notice that Step 1 done                            ——  * ASIC

Step 3                                                                                                                                                                                                                                                                     bidder's statement and offers                      ——  * holders of bid class securities

Step 4                                                                                                                                                                                                                                                                     notice that Step 3 done                                 * target
                                                                                                                                                                                                                                                                                                                              ——  * ASIC
                                                                                                                                                                                                                                                                                                                                   * [market]

                                                                                                                                                                                                                                                                           Target

Step 5                                                                                                                                                                                                                                                                     target's statement                                      * bidder
                                                                                                                                                                                                                                                                                                                                   * holders of bid class securities
                                                                                                                                                                                                                                                                                                                              ——  * ASIC
                                                                                                                                                                                                                                                                                                                                   * [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 under section 653A before the end of the bid period. A holder may also decide to sell on‑market during the bid period.