December 10, 2005
SEC Staff Getting Ready for a Tweaked Best-Price Rule
Last week, Corp Fin posted this no-action letter that grants relief to a fund that seeks to conduct an exchange tender offer. It’s not a letter that has widespread application, as it’s a very narrow fact pattern and of limited utility to most C-corps.
But it is good to see that the SEC Staff is granting some exemptions to the all-holders, best-price rule. Something that will no doubt increase after the SEC adopts rules on the subject.