Commonwealth Numbered Acts Commonwealth Numbered ActsThe 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 * [exchange] | |
| 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 * [exchange] | |
| Target | ||||
| Step 5 | target's statement | ——-> | * bidder * holders of bid class securities * ASIC * [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 under section 653A before the end of the bid period. A holder may also decide to sell on-market during the bid period. |