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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 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
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
Step 5 target's statement ——-> * exchange * bidder * ASIC * holders of bid class securities
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.

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