Client Alert

Securities and Exchange Commission Publishes Final Rules Amending the Tender Offer Best-Price Rules

November 09, 2006

Carl R. Sanchez

On November 1, 2006, the SEC published the final rules amending the tender offer “best-price” rules (as amended, the “New Rules”). The New Rules, which become effective on December 8, 2006, resolve the long running debate as to the proper application of the “best price” rules with respect to employment-type arrangements entered into in the context of an issuer or third-party tender offer.

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