Tender offers, frequently a bypassed option for structuring mergers, could become a lot more popular after the Securities and Exchange Commission's decision Wednesday, Oct. 18, to limit legal liabilities that often accompany the offers.
As expected, all five commissioners voted to approve modifications to the SEC's Rule 14d-10, or "best-price" rule, which requires that every stockholder who tenders shares receive the same per-share price.
"I think we've achieved a level playing field now between statutory mergers and tender offers," SEC Chairman Christopher Cox said at an agency meeting.
Thursday, October 19, 2006
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