Series 24: Third-Party Tender Offers

Taken from our Series 24 Online Guide

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Third-Party Tender Offers

Most of the rules for third parties are the same as for issuers. We have highlighted the rules that are different:

• Whenever the bidder purchases or intends to purchase more than 5% of a company’s outstanding shares, it must file Schedule TO. It must also file a Form 13D, which is a beneficial ownership form.
• All solicitations or recommendations on the tender offer made by:
◊ the targeted company and its affiliates,
◊ shareholders of any security offered by either the bidding or targeted company, and
◊ any person acting on behalf of either company

must be filed with the SEC on Schedule 14D-9 and distributed to the bidder and the exchanges where the targeted

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