They would, but there are ways around this. You commonly see bidders pop up with 19.99% holdings. Once you want to go beyond 20% you have to make a full takeover offer, or are subject to creeping restrictions (no more than 3% every 6 months).
The ways around it are by acquiring 4.99% (no disclosure required), then acquiring as much as you can off-market (merchant + garner), then cash settled equity swaps are commonly used to top up to 20% while remaining undetected, and then if required you can also use the benefit of T+2 to acquire more given you disclose after settlement.
Pillar 1 - FTO (new thread), page-472
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Last
$1.94 |
Change
0.055(2.92%) |
Mkt cap ! $330.4M | |||
| Open | High | Low | Value | Volume |
| $1.89 | $1.96 | $1.85 | $333.0K | 174.5K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3105 | $1.94 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.95 | 7574 | 1 |
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| RAC (ASX) Chart |