---
title: "Check the tender-offer open period against the twenty-business-day minimum"
url: "https://ailawframework.com/practice/mergers-and-acquisitions-private-equity/check-the-offer-period-against-the-one-month-and-twelve-month-limits/united-states"
type: "task_jurisdiction_version"
site: "AI Law Framework"
id: "A2-TM20261022-8-US"
practice_area: "Mergers & Acquisitions / Private Equity"
tier: "yellow"
lawyer_review: "required"
jurisdictions: ["US"]
last_reviewed: "2026-10-22"
---

# Check the tender-offer open period against the twenty-business-day minimum

> 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.…

Canonical page: https://ailawframework.com/practice/mergers-and-acquisitions-private-equity/check-the-offer-period-against-the-one-month-and-twelve-month-limits/united-states  
Last reviewed: 2026-10-22

Site index for agents: https://ailawframework.com/llms.txt

## Key facts

| Fact | Value |
| --- | --- |
| Practice area | [Mergers & Acquisitions / Private Equity](https://ailawframework.com/practice/mergers-and-acquisitions-private-equity.md) |
| Human involvement | Yellow: Lawyer and AI draft together |
| 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 | United States |
| Applies to | [Check the offer period against the one-month and twelve-month limits](https://ailawframework.com/practice/mergers-and-acquisitions-private-equity/check-the-offer-period-against-the-one-month-and-twelve-month-limits.md) |

## Checking plan

- What the AI does: 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.
- Basis: Checked against the linked sources on 22 October 2026. Confirm the current instrument before reliance.

## Notes

- The minimum is twenty business days, not one month, and the page states no twelve-month cap.
- Paragraph (e) tolls the periods while a required Schedule TO or an amendment is not filed electronically, absent a hardship exemption. The lawyer checks the filing record before treating the count as closed.

## Sources

- [17 C.F.R. § 240.14e-1, Unlawful tender offer practices](https://www.ecfr.gov/current/title-17/chapter-II/part-240/section-240.14e-1) (checked 2026-10-22)
- [ABA Model Rule 1.1, Comment 8](https://www.americanbar.org/groups/professional_responsibility/publications/model_rules_of_professional_conduct/rule_1_1_competence/comment_on_rule_1_1/) (checked 2026-10-22)

*Practice guidance for planning and review. Confirm current primary sources and the requirements of the actual matter. This is general information, not legal advice.*