SEC Grants Class Relief under Rule 14e-5 for Purchases by Offeror Outside of Tender Offer

March 21, 2007

On March 21, 2007, the New York office authored an Alert Memorandum entitled, “SEC Grants Class Relief under Rule 14e-5 for Purchases by Offeror Outside of Tender Offer.” The memorandum discusses Rule 14e-5, which generally prohibits the bidder in a tender offer from purchasing securities outside of the tender offer under the Securities Exchange Act of 1934. The SEC has recently granted class-wide exemptive relief from this rule in certain cross-border tender offers.

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SEC Grants Class Relief under Rule 14e-5 for Purchases by Offeror Outside of Tender Offer