The following diagram gives an overview of the steps involved in a market bid.
Overview of steps in a market bid | |||||
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Bidder |
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Step 1 |
announcement of bid to the market |
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Step 2 |
bidder's statement |
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* market |
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Step 3 |
bidder's statement and any other documents sent with it to the market |
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* holders of bid class securities |
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Step 4 |
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* market |
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Step 5 |
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* market |
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Bidder |
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Step 6 |
make offers on the market |
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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. |