Overview of steps in a market bid

Bidder

Step 1

announcement of bid to the market

Step 2

bidder's statement

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* market
* target
* ASIC

Step 3

bidder's statement and any other documents sent with it to the market

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* holders of bid class securities

Step 4

copy of documents sent to holders

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* market
* ASIC

Target

Step 5

target's statement

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* 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.