re: Ann: RUM: Letter to Shareholders - Takeov... "Sounds like RUM lobbed the bid and still hasn't provided any supporting doco - I wonder what the corporation's act says about that."
The timetable for giving information to shareholders in an off-market bid is set out in s633.7 A bidder must lodge a copy of the bidder's statement and the offer document with ASIC. The bidder must also send a copy of the bidder's statement and offer document to the target (and, if relevant, the market operator of the market on which the target's securities are quoted) either on the day it is lodged with ASIC or within the next 21 days. The bidder's statement must then be dispatched to target shareholders during a 3-day period within 14 to 28 days after the bidder's statement is sent to the target.
The target must then dispatch a target's statement to the bidder no later than 15 days after the target receives a notice from the bidder that all the bidder's statements have been dispatched.
http://www.takeovers.gov.au/content/DisplayDoc.aspx?doc=panel_process/summary_of_takeover_provisions_in_australia.htm
Raider
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