4DS - Anything but Charting, page-7183

is this even legal?
serious question.

I would think that that is "material information" that an investor would want to know heading into an investment and is legally obliged to know under
1) ASX listing rule 3.1 on continuous disclosure
2) APES 110 code of ethics for professional accountants on continuous disclosure set by the Australian Professional & Ethical Standards Board
3) corporate governance standards on continuous disclosure
4) directors duties on continuous disclosure
5) Corporations Act 2001 section 674 on continuous disclosure
6) ASX Guidance note 8 on continuous disclosure

There are 2 ways around this.
1 - there is no "done deal" in place.
2 - There is a technicality. Directors would not be obliged to disclose an in principle take over price if the agreement is still in negotiation and not formally contracted. So the most they could have is "gentlemens" agreement/ understanding, but nothing set in stone. Therefore no obligation to disclose to market.