Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_634
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 634
Character Range: 219956–224202

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 exchange

Step 2                                                                                                                                                                                          bidder's statement                                                       ——  * exchange
                                                                                                                                                                                                                                                                              * target
                                                                                                                                                                                                                                                                              * ASIC

Step 3                                                                                                                                                                                          bidder's statement and any other documents sent with it to the exchange  ——  * holders of bid class securities

Step 4                                                                                                                                                                                          copy of documents sent to holders                                        ——  * exchange
                                                                                                                                                                                                                                                                              * ASIC

                                                                                                                                                                                                Target

Step 5                                                                                                                                                                                          target's statement                                                            * exchange
                                                                                                                                                                                                                                                                         ——  * bidder
                                                                                                                                                                                                                                                                              * 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.