This legislation has been repealed.
Steps in market bid |
[operative] | |
---|---|---|
Steps | Timing and relevant provisions | |
1 | The bidder must prepare a bidder's statement. | See section 636 for content of statement |
2 | The bidder must have the bid announced to the relevant securities exchange. | |
3 | The bidder must send a copy of the bidder's statement to the relevant securities exchange. |
To be done on the day the announcement is made |
4 | The bidder must send to the target:
* a copy of the bidder's statement; and | To be done on the day the announcement is made |
5 | The bidder must lodge with ASIC:
* a copy of the bidder's statement; and | To be done on the day the announcement is made |
6 | The bidder must send to each holder of bid class securities (other than the bidder):
* a copy of the bidder's statement; and |
Within 14 days after the announcement is made |
7 | The bidder must lodge with ASIC a copy of every other document sent to holders of bid class securities with the bidder's statement. | To be done no later than the day copies of the bidder's statement have been sent to all holders of bid class securities |
8 | The bidder must give the relevant securities exchange a copy of every other document sent to holders of bid class securities with the bidder's statement. | To be done no later than the day copies of the bidder's statement have been sent to all holders of bid class securities |
9 | The target must prepare a target's statement. | See section 638 for content of statement |
10 | The target must send a copy of the target's statement to the relevant securities exchange. |
Within 14 days after the announcement is made |
11 | The target must send to the bidder:
* a copy of the target's statement; and | To be done on the day the target sends a copy of the target's statement to the securities exchange |
12 | The target must lodge with ASIC:
* a copy of the target's statement; and | To be done on the day the target sends a copy of the target's statement to the securities exchange |
13 | The target must send each holder of bid class securities:
* a copy of the target's statement; and |
Within 14 days after the announcement is made |
14 | The bidder must make offers for the securities under the bid through the relevant securities exchange. |
To be done on the next day after the end of the 14 day period referred to in
item 13. |