Rules 13e-4(f)(1)(i) and 14e-1(a) under the Securities Exchange Act of 1934, as amended (Exchange Act), generally require tender offers to remain open for a minimum of 20 business days. In an effort to “address market inefficiencies, better reflect technological advancements, and reduce exposure to market fluctuation,” the US Securities and Exchange Commission (SEC) issued an exemptive order on April 16 that will permit public and private issuers and certain third parties to conduct tender offers for equity securities with a minimum offering period of 10 business days, provided that specified conditions are satisfied.

Read more to learn how the SEC’s new exemptive order shortens tender offer timelines and what issuers and deal participants must do to take advantage of the 10-business-day framework.