Overview of steps in a market bid

In force

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.

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