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Takeovers

The most common exceptions to effect a change of control are acquisitions through a takeover bid and a cancellation or transfer effected by a scheme of arrangement.

A takeover bid may be an off-market bid or a market bid. A market bid can only be used where the bidder makes an unconditional cash bid for quoted securities. All other bids must be off-market bids.

To undertake a takeover, a bidder must issue a bidder's statement containing a significant amount of information, including the terms of the offer, the consideration payable, the bidder's intentions regarding the target and other material information.

The target responds with a target's statement which contains material information not otherwise provided and a recommendation whether or not to accept the offer.

See Takeovers.