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Code of Federal Regulations Title 17. Commodity and Securities Exchanges § 17.240.14e–8 Prohibited conduct in connection with pre-commencement communications

Current as of January 02, 2025 | Updated by Findlaw Staff

It is a fraudulent, deceptive or manipulative act or practice within the meaning of section 14(e) of the Act (15 U.S.C. 78n) for any person to publicly announce that the person (or a party on whose behalf the person is acting) plans to make a tender offer that has not yet been commenced, if the person:

(a) Is making the announcement of a potential tender offer without the intention to commence the offer within a reasonable time and complete the offer;

(b) Intends, directly or indirectly, for the announcement to manipulate the market price of the stock of the bidder or subject company;  or

(c) Does not have the reasonable belief that the person will have the means to purchase securities to complete the offer.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 17. Commodity and Securities Exchanges § 17.240.14e–8 Prohibited conduct in connection with pre-commencement communications - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-17-commodity-and-securities-exchanges/cfr-sect-17-240-14e-8/

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