DealLawyers.com Blog

September 20, 2005

New SEC No-Action Letter on Cross-Border Transactions

Last week, the SEC’s Divisions of Corporation Finance and Market Regulation jointly issued this no-action letter to Axel Springer providing exemptive relief under Rule 14e-5. Axel Springer, a German stock corporation, has made a cash tender offer for another German company.

This letter is notable because it was granted to a company that is not a “foreign private issuer” – which is significant in the world of SEC no-action/exemptive relief in cross-border transactions. There are other notable aspects of the letter that will be addressed in an upcoming podcast with George Casey of Shearman & Sterling.