SEC Staff Permits Indian Company to Shorten Tender Offer Period
The SEC Division of Corporation Finance granted no-action relief from SEA Rule 14e-1(a) ("Unlawful Tender Offer Practices") to allow Just Dial Limited, an Indian issuer, to hold its tender offer open for only 10 business days. SEC rules require 20 business days. In the incoming letter, the company's legal counsel explained that the 10-business-day period was mandated by Indian law.