Series 79: 13.3.1. Response From The Target

13.3.1. Response from the Target

The target’s management must communicate a position on the tender offer within 10 business days of the offer. The recommendation can take the form of (1) accept or reject, (2) remain neutral, or (3) take no position. It cannot recommend that shareholders buy shares in the company. Management must explain its position and file its recommendations to shareholders with the SEC on Schedule 14D-9 within 10 business days of the start of the tender offer. In connection with a substantial tender offer, particularly a tender offer that would result in an acquisition of the target, the recommendation would typically be supported by a fairness opinion. The target must also provide copies of the Schedule 14D-9 to the offeror and any national securities exchange where the targeted class of securities is listed.

With few exceptions, all communications from the target to its sharehold