23 Oct tender offer rules
Thank you for reading CFI’s guide to creeping takeover. Because (i) the offer price was only 13.9 percent above the average of the closing prices over the 30 trading days preceding the commencement of the tender offer and (ii) the company announced on the eve of the commencement of the tender offer that it would not make any year-end dividend payment in respect of the current fiscal year, some disgruntled shareholders claimed that management's announcement of the downward adjustment of earnings forecast and elimination of dividends was motivated by the desire to induce the tender of shares notwithstanding an inadequate offer price. In addition, the offeror must describe in the Registration Statement, regardless of the purpose of the tender offer, (i) whether the offeror has a plan to acquire additional shares of the target company following the completion of the tender offer and, if so, details of such plan and the reasons therefor, and (ii) if delisting of the shares of the target company is likely, a statement to such effect and details of the reasons therefor.
Presently, the acquirer must undertake a tender offer for acquisitions triggering the threshold: If the acquisition leads to ownership above 50% of the total outstanding equity securities of a public company, there will be a tender offer for all the outstanding equity securities to all remaining stockholders at a price supported by a fairness opinion, issued according to the guidelines under the amended rules. A takeover strategy involving the the gradual purchase of the target company’s shares, This guide takes you through all the steps in the M&A process.
Eventually, Porsche collapsed under pressure from creditors calling in their loans.
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