You said ”Any FORMAL offers would/should be announced, it’s not...

You said 

”Any FORMAL offers would/should be announced, it’s not up to directors/board to decide not to announce offers”

i provided you you with a formal offer scenario. So again ; if a formal offer was made sub SP/MC does the offer need to be announced ...answer is no.

answer this one; say XYZs SP was 12c...ran to 15c and within a few days rocketed to up 50%+

Company A commences the offer mechanism with an offer of 18c at the time when the SP was in the 12-15c range....SP now a high 20s by the time offer gets through.

isnt there a couple of ASX boxes that need to be ticked before the offer can be green lighted to be announced to the market? How long does that take? ...it’s actually a couple of weeks...AVZ move out of the 12-15c range and into high twenties very quickly as far as I can remember

do all formal offers need to be announced ? No