SEC Permits Abbreviated Offering Periods in Non-Convertible Debt Tender Offers
The SEC issued a no-action letter, available to tendering parties generally, indicating it will not take enforcement action under Exchange Act Rule 14e-1(a) or Rule 14e-1(b) ("Unlawful Tender Offer Practices") if an offeror conducts a five business day tender offer as described in the letter.
This no-action position supersedes prior similar letters relating to abbreviated offering periods in non-convertible debt tender offers.