Commonwealth Numbered Acts Commonwealth Numbered ActsThe 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 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 | |
| Target | ||||
| Step 5 | target's statement | ——-> | * exchange * bidder * ASIC * holders of bid class securities | |
| Bidder | ||||
| 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. |