SEC Issues Exemptive Order Permitting Shortened Tender Offer Periods

On April 16, 2026, the Division of Corporation Finance (Division) of the U.S. Securities and Exchange Commission (SEC) issued an exemptive order permitting certain tender offers for equity securities to remain open for a minimum of 10 business days, which halves the standard 20-business-day minimum requirement under Rules 13e-4(f)(1)(i) and 14e-1(a) of the Securities Exchange Act of 1934, as amended (Exchange Act).... By: Troutman Pepper Locke