Correct Hatmopit, substantial holders (5% or more of issued...

Correct Hatmopit, substantial holders (5% or more of issued shares) have to advise the mkt within two days of becoming a, ceasing to be, or varying by 1% or more up or down.

Because this is a t/o offer, regulations under that scenario require notice to the mkt by 9:30Am the day after their pledged shares from acceptances increases by 1% or more.

Because this is an off-mkt t/o offer, even if the offer price is increased at a later date to try and get it over the line, or another bidder comes in with a higher price, those who have already accepted still get the higher offer....but not so if it were an on-mkt t/o offer.

No one gets any money until...."Consideration must be paid within one month of the later of an acceptance and the offer becoming unconditional.

Timing....An uncontested off-market bid usually takes a minimum of three months from announcement."

I urge all s/holders to read this document from which the above quotations in bold have been taken. It is a very thorough document and will answer a lot of your queries.

Mallesons - A Guide to Takeovers in Australia