What rule amendments also apply to domestic business combinations?
a. Expanded availability of early commencement As noted above, some of the amendments apply to tender offers for U.S. companies as well as for foreign target companies. For example, the revised rules permit all exchange offers to commence upon the filing of a registration statement, including offers that are not subject to Exchange Act Rule 13e-4 or Regulation 14D, if the following conditions are met: • the bidder must provide the same withdrawal rights as required under Regulation 14D and Rule 13e-4; and • material changes to the information provided to target security holders must be disseminated as required under Exchange Act Rule 13e-4(e)(3) and 14d-4(d) and the bidder must hold the offer open, with withdrawal rights, for the minimum periods specified in those rules. This change further equalizes the regulatory treatment of cash and share business combination transactions. b. No limit on length of the subsequent offering period The revisions eliminate the limit on the length of a s
