Securities Lawyer's Deskbook
                         published by The University of Cincinnati College of Law
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General Rules and Regulations
under the
Securities Exchange Act of 1934

Rule 14d-11 -- Subsequent Offering Period

A bidder may elect to provide a subsequent offering period of at least three business days during which tenders will be accepted if: if:
  1. The initial offering period of at least 20 business days has expired;

  2. The offer is for all outstanding securities of the class that is the subject of the tender offer, and if the bidder is offering security holders a choice of different forms of consideration, there is no ceiling on any form of consideration offered;

  3. The bidder immediately accepts and promptly pays for all securities tendered during the initial offering period;

  4. The bidder announces the results of the tender offer, including the approximate number and percentage of securities deposited to date, no later than 9:00 a.m. Eastern time on the next business day after the expiration date of the initial offering period and immediately begins the subsequent offering period;

  5. The bidder immediately accepts and promptly pays for all securities as they are tendered during the subsequent offering period; and

  6. The bidder offers the same form and amount of consideration to security holders in both the initial and the subsequent offering period.

    Note Rule 14d-11:

    No withdrawal rights apply during the subsequent offering period in accordance with Rule 14d-7(a)(2).

Regulatory History

64 FR 61408, 61462, Nov. 10, 1999; 73 FR 60050, 60092, Oct. 9, 2008

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