What are the main documents required for a takeover bid?

• Both a bidder's statement and a target's statement must be provided for a takeover bid.

• The bidder’s statement contains the details about the bid and the terms and conditions of the offer including the method of payment, number of shares subject to the bid and other protective provisions to govern the takeover.
• The target’s statement must respond to the bidder’s statement by providing details of the target’s security holders and their corresponding shares. The statement provides an opportunity for the target to lay down the terms and conditions for its recommendation and acceptance generally that will maximise security holder value. The target can also highlight the insufficiency of the bid in order to gain leverage in the deal.