Overview
- The SEC’s Division of Corporation Finance, which issued the order Thursday, April 16, 2026, now permits some equity tender offers to close after 10 business days in what is a public bid to buy shares directly from holders.
- Eligibility is limited to fixed-price cash offers that are not going‑private transactions and that do not rely on cross‑border exemptions.
- For public companies, a third‑party bid can use the 10‑day window only if it is tied to a negotiated merger, seeks all shares of the class, includes a Schedule 14D‑9 filed by 5:30 p.m. Eastern the next business day, and is announced with a press release and hyperlink to materials by 10 a.m. on launch day.
- For private companies, the relief covers issuer self‑tenders made by the company or its wholly owned subsidiary at a fixed cash price, and it does not require a broad press release at launch.
- If a rival bid is announced after the offer starts, the initial bid must stay open at least 20 business days from the original start, and anti‑fraud rules still apply with staff saying they may revisit or withdraw the relief if problems arise.