SEC Grants Tender Offer No-Action Relief to Spanish Bank

The SEC Division of Corporate Finance granted a Spanish multinational bank no-action relief from certain requirements under SEA Rule 14d-10(a)(1) ("Equal Treatment of Security Holders"), SEA Rule 14d-11(d)-(e) ("Subsequent Offering Period") and SEA Rule 14e-5 ("Prohibiting Purchases Outside of a Tender Offer").

The relief permits the bank to conduct concurrent tender offers in the United States and Mexico. Further considerations are contained in the letter requesting the relief.