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Takeover bid
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Takeover bid
Practical Law ANZ Glossary w-022-3943
(Approx. 2 pages)
Glossary
Takeover bid
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
.