A formal proposal to acquire all (or a proportion) of the securities in a class of securities in a company or managed investment scheme (the target) from the target’s securityholders that the bidder does not already own or control, for the purpose of acquiring control of the target. Takeover bids are governed by Chapter 6 of the Corporations Act 2001 (Cth) (CA 2001). A takeover bid is an exception to the takeover prohibition in section 606 of the CA 2001 (section 611, item 1, CA 2001). A takeover bid may be an on-market bid (also known as a market bid) or an off-market bid (section 616, CA 2001).

For more information on takeovers, see Practice note, Takeover bids and for a guide to Practical Law's resources relating to takeovers, see Toolkit, Takeovers.

See also Practical Law's topic Takeovers.