Part 61 Market Bid—Announcements by Market Participant

Part 6.1 Market Bid—Announcements by Market Participant

6.1.1 Announcement of Market Bid

(1) A Market Participant acting on behalf of a Bidder in relation to a Market Bid must ensure that the bid has been announced to the Relevant Financial Market in accordance with subrule (2).

(2) For the purposes of subrule (1), the announcement must include the following information:

a description of the Bid Class of Equity Market Products in the Target and the total number of Equity Market Products in that Bid Class;
the price offered for Equity Market Products in the Bid Class;
the date of the commencement and conclusion of the Offer Period;
the number of Equity Market Products in the Bid Class that the Bidder had a relevant interest in immediately prior to the announcement (expressed as a percentage of the total number of Equity Market Products in the Bid Class); and
a statement:

  (i) as to whether the Bidder will buy Equity Market Products in the Bid Class On-Market before the Offer Period commences and, if so, the maximum number of those Equity Market Products to be bought and the price that will be paid;
  (ii) that the Market Bid is an offer to buy all the Equity Market Products in the Bid Class that exist or will exist at any time during the Offer Period for the price offered; and
  (iii) that the Offer Period may be extended and the offer price may be increased in accordance with the Corporations Act.

6.1.2 Announcement of variations to Market Bid

A Market Participant acting on behalf of a Bidder in relation to a Market Bid must ensure that the following is announced to the Relevant Financial Market, in writing:

(a) an increase to the price offered for Equity Market Products in the Bid Class;
(b) an extension to the Offer Period;
(c) a withdrawal of the Market Bid;
(d) any other variation to the Market Bid in accordance with the Corporations Act; or
(e) if the Market Participant ceases to act on behalf of the Bidder.

Part 6.2 Acquisition of Equity Market Products during the Bid Period

6.2.1 Acquisition of Equity Market Products by Bidder

(1) This rule applies to both Market Bids and Off-Market Bids.

(2) A Market Participant acting on behalf of a Bidder must not offer to buy on behalf of the Bidder Equity Market Products in the Bid Class On-Market during the Bid Period for a price that varies from the consideration offered under the Takeover Bid unless and until an announcement has been made to the Relevant Financial Market.

(3) For the purposes of subrule (2), the announcement must be made in writing, by facsimile or electronic delivery to the operator of the Relevant Financial Market.

6.2.2 Acquisition of Equity Market Products by another Bidder