THE CORPORATIONS LAW
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82 The Corporations Law is as follows:...
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.------------------------------------------------------- Steps in market bid [operative] ------------------------------------------------------- Steps Timing and relevant provisions ------------------------------------------------------- 1 The bidder must See section 636 for prepare a bidder's content of statement statement. ------------------------------------------------------- 2 The bidder must have the bid announced to the relevant securities exchange. ------------------------------------------------------- 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. ------------------------------------------------------- 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. ------------------------------------------------------- 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. ------------------------------------------------------- 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. ------------------------------------------------------- 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. ------------------------------------------------------- 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. ------------------------------------------------------- 9 The target must See section 638 for prepare a target's content of statement statement. ------------------------------------------------------- 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. ------------------------------------------------------- 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. ------------------------------------------------------- 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. ------------------------------------------------------- 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. ------------------------------------------------------- 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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