SEC Exemptive Order Halves Minimum Tender Offer Period for Negotiated All-Cash Transactions
Author: Bill Roegge, Kevin Cooper, Jamie Leigh, Justin A. Kisner, Polina A. Demina, and Reid S. Hooper.
Source: Volume 59, Number 14, August 15 2026 , pp.231-234(4)
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Abstract:
Acquirors of public company targets in negotiated, all-cash acquisitions can now complete a transaction on the 11th business day following the commencement of a tender offer. This can shorten the closing timetable for certain public M&A transactions from a minimum of six weeks to as little as a month. This relief will be particularly relevant for all-cash M&A transactions where the regulatory profile is straightforward and the expiration of the required minimum tender offer period is the principal driver of the closing timetable.Keywords: Division of Corporation Finance (“Corp Fin”); Two-Step Mergers; Exchange Act Rule 14e-1(a); Regulation 14D
Affiliations:
1: Cooley LLP.