Other Tender Offer Requirements
Beyond filing and disclosure, Rule 13e-4 sets forth several additional tender offer requirements. The key requirements are:
- • Unless withdrawn, the tender offer must remain open for at least 20 business days.
- • If the offering price, or the number of securities being sought, changes, the offer must remain open for an additional 10 business days from the date the change is disseminated.
- • The issuer must permit shareholders to revoke tenders at any time while the tender offer remains open, or after 40 business days from the commencement of the offer if the tendered securities have not yet been accepted for payment.
- • All shareholders must receive the same price for the same class of shares. If the issuer increases the price after the commencement of the tender offer, shareholders who previously tendered securities r
