THE CORPORATIONS LAW

CHAPTER 6 - TAKEOVERS

PART 6.5 - THE TAKEOVER PROCEDURE

Division 1 - The overall procedure

SECTION 635   DETAILED STEPS IN A MARKET BID  

635     The following table provides for the steps that a bidder must take to make an effective market bid and the steps that a target must take when a market bid is made.

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Steps in market bid                         [operative]
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Steps                         Timing and relevant 
                              provisions
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 1 The bidder must            See section 636 for
   prepare a bidder's         content of statement
   statement.
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 2 The bidder must have
   the bid announced to
   the relevant securities
   exchange.
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 3 The bidder must send a     To be done on the day the
   copy of the bidder's       announcement is made
   statement to the
   relevant securities
   exchange.
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 4 The bidder must send       To be done on the day the
   to the target:              announcement is made
   * a copy of the
     bidder's statement;
     and

  * a copy of any other
    document that was
    sent with the
    bidder's statement
    to the relevant
    securities exchange.
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 5 The bidder must lodge      To be done on the day the
   with ASIC:                 announcement is made

   * a copy of the
     bidder's statement;
     and

   * a copy of any other
     document that was
     sent with the
     bidder's statement
     to the relevant
     securities exchange.
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 6 The bidder must send       Within 14 days after the
   to each holder of bid      announcement is made
   class securities (other
   than the bidder):          Sections 648B and 648C
                              provide for the manner in
   * a copy of the            which documents may be
     bidder's statement;      sent to holders
     and

   * a copy of any
     other document
     that was sent with
     the bidder's
     statement to the
     relevant securities
     exchange.
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 7 The bidder must lodge      To be done no later than
   with ASIC a copy of        the day copies of the
   every other document       bidder's statement have
   sent to holders of bid     been sent to all holders
   class securities with      of bid class securities
   the bidder's statement.
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 8 The bidder must give       To be done no later than
   the relevant securities    the day copies of the
   exchange a copy of         bidder's statement have
   every other document       been sent to all holders of
   sent to holders of bid     bid class securities
   class securities with
   the bidder's statement.
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 9 The target must            See section 638 for
   prepare a target's         content of statement
   statement.
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10 The target must send a     Within 14 days after the
   copy of the target's       announcement is made
   statement to the
   relevant securities
   exchange.
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11 The target must send       To be done on the day the
   to the bidder:             target sends a copy of the
                              target's statement to the
   * a copy of the            securities exchange
     target's statement;
     and

   * a copy of any other
     document that was
     sent with the
     target's statement to
     the relevant
     securities exchange.
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12 The target must lodge      To be done on the day the
   with ASIC:                 target sends a copy of the
                              target's statement to the 
   * a copy of the target's   securities exchange
     statement; and

   * a copy of any other
     document that was
     sent with the
     target's statement to
     the relevant
     securities exchange.
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13 The target must send       Within 14 days after the
   each holder of bid         announcement is made
   class securities:
                              Sections 648B and 648C
  * a copy of the             provide for the manner in
    target's statement;       which documents may be
    and                       sent to holders.

  * a copy of any other
    document that was
    sent with the target's
    statement to the 
    relevant securities 
    exchange.
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14 The bidder must make        To be done on the next
   offers for the securities  day after the end of the 14
   under the bid through      day period referred to in
   the relevant securities    item 13.
   exchange.

                              If the bidder does not
                              make the offers at that
                              time, the bidder
                              contravenes this section.

                              Item 2 of the table in
                              section 611 covers offers
                              made by the bidder on
                              market during the 14 day
                              period between the
                              announcement and the
                              making of the offers
                              under the bid
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