Check the tender-offer open period against the twenty-business-day minimum
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- From the offer the lawyer supplies, record the date the tender offer was first published or sent to security holders and the end date stated in the offer. Count twenty business days from the first date, and flag the period if it is shorter. If the lawyer marks an increase or decrease in the percentage sought, the consideration, or the dealer's soliciting fee, also count ten business days from the notice of that change. Do not decide whether a roll-up transaction is involved.
- What the lawyer must review
- The lawyer applies Rule 14e-1(a) and (b). No person who makes a tender offer shall hold it open for less than twenty business days from the date it is first published or sent to security holders, with the longer minimum the rule states for a roll-up transaction. A change covered by paragraph (b) requires the offer to remain open for at least ten business days from notice of the change. Acceptance for payment of an additional amount not exceeding two percent of the class is not an increase. The rule does not set a twelve-month maximum.
- Written for / version
- United States versionUS
Who does what
| Role | What they do |
|---|---|
| Assistance | Potential support includes identifying points for review. Confirm the tool’s capability and permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Trace every relied-on figure to its source, confirm dates and assumptions, and independently recalculate totals or derived amounts.
- Calculate operative dates independently from the current rule and actual triggering event. Check exceptions and record the verified deadline.
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.