ASIC Market Integrity Rules (ASX Market) 2010 - LexisNexis

LexisNexis ASIC Market Integrity Rules (ASX Market) 2010Chapter 6: TakeoversPart 6.1 Market Bid—Announcements by Market Participant6.1.1 Announcement of Market Bid(1) A Market Participant acting on behalf of a Bidder in relation to a Market Bid mustannounce the bid to the Market in accordance with subrule (2).(2) For the purposes of subrule (1), the announcement must include the followinginformation:(a)(b)(c)(d)(e)a description of the Bid Class of Cash Market Products in the Target and the totalnumber of Cash Market Products in that Bid Class;the price offered for Cash Market Products in the Bid Class;the date of the commencement and conclusion of the Offer Period;the number of Cash Market Products in the Bid Class that the Bidder had a relevantinterest in immediately prior to the announcement (expressed as a percentage of thetotal number of Cash Market Products in the Bid Class); anda statement:(i)(ii)as to whether the Bidder will buy Cash Market Products in the Bid Class On-Market before the Offer Period commences and, if so, the maximum number ofthose Cash Market Products to be bought and the price that will be paid;that the Market Bid is an offer to buy all the Cash Market Products in the Bid Classthat 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 inaccordance with the Corporations Act.Maximum penalty: $100,0006.1.2 Announcement of variations to Market BidA Market Participant acting on behalf of a Bidder in relation to a Market Bid must announceto the Market, in writing:(a)(b)(c)(d)(e)an increase to the price offered for Cash Market Products in the Bid Class;an extension to the Offer Period;a withdrawal of the Market Bid;any other variation to the Market Bid in accordance with the Corporations Act; orif the Market Participant ceases to act on behalf of the Bidder.Maximum penalty: $100,000Copyright Australian Securities and Investments Commission. Reproduced with permission.