Correct Timbo, if a T/o bid had been received, under ASX rules...

Correct Timbo, if a T/o bid had been received, under ASX rules it would need to be ann. to the mkt straight away, not sat on and negotiated.

Such notification to the mkt usually includes a Directors recommendation/s to s/h's on how they (the directors) view the T/o bid and what they think s/h's should do...because a T/o bid can be made on or off mkt, ie, all s/h's can get a letter in the mail from the bidder offering to by your shares.

A merger is usually negotiated before going to the mkt to inform s/h's...if negotiations are successful.