• SEC Provides Guidance and Adopts Amendments to the Cross-Border Tender Offer, Exchange Offer and Business Combination Rules and Beneficial Ownership Reporting Rules for Certain Foreign Institutions
  • October 8, 2008 | Authors: Abigail Arms; Babett Carrier; George A. Casey; George Karafotias
  • Law Firms: Shearman & Sterling LLP - Washington Office ; Shearman & Sterling LLP - London Office ; Shearman & Sterling LLP - New York Office
  • On September 19, 2008, the U.S. Securities and Exchange Commission (the "SEC", or the "Commission") issued its final rule and interpretive release adopting amendments to the current exemptions for cross-border tender offers, exchange offers and business combination transactions and rights offerings (the "Cross-Border Rules") in order to expand and enhance the utility of these exemptions and to encourage offerors and issuers to permit U.S. security holders to participate in these transactions on the same terms as other target security holders.