How the numbers are built
Every figure on Bidline comes from a disclosed source or a stated calculation. This page sets out the calculations, the terms used and what has changed.
Offer value and spread
Cash offers use the stated price. Scrip offers use the bidder's latest close times the exchange ratio, plus any cash; US dollar amounts convert at the latest AUD/USD rate. Spread is offer value divided by the target's last close, minus one. Annualised spread scales that by days to the expected payment date.
Implied odds
Last price minus undisturbed price, divided by offer value minus undisturbed price. It treats the undisturbed price as where the stock falls if the deal breaks, and ignores time value and changes in standalone value since announcement. A rough guide, not a forecast.
Sources and timing
Deal terms, expert conclusions and timetables come from scheme booklets and ASX announcements, linked against each deal. Prices are closing quotes. Data is refreshed after each ASX trading day, and each update is logged below.
Glossary
- Scheme of arrangement
- A court-approved process to acquire a company. It needs 75% of votes cast and a majority of holders voting, and then binds every shareholder.
- Takeover bid
- An offer made directly to shareholders, who each decide whether to accept. The bidder can compulsorily acquire the rest once it reaches 90%.
- Undisturbed price
- The target's share price before news of the approach reached the market. Premiums are measured against it.
- Spread
- The gap between the offer value and the target's share price. It compensates holders for waiting and for the risk the deal fails.
- Independent expert's report
- A valuation commissioned for shareholders that concludes whether a deal is fair (price at or above the expert's value) and reasonable (better to accept than not).
- Break fee
- A payment owed by the target, usually around 1% of equity value, if certain events stop the deal. A reverse break fee runs the other way.
- Go-shop
- A period after signing in which the target may actively seek better offers. Rare in Australia, where no-shop clauses are the norm.
- Ticking fee
- An amount added to the offer for each day completion is delayed past a set date.