SEC Staff Completes Review of Cross-Border Tender, Exchange Offer and Business Combination Rules
 
May 5, 2008
 

On April 29, 2008, the SEC’s Division of Corporation Finance announced that it had completed its review of the SEC’s cross-border tender, exchange offer and business combination rules, and had prepared a proposed rule release to be considered by the Commission.

The cross-border tender offer rules were adopted by the SEC in 1999 and apply to offers for the securities of foreign companies that have U.S. security holders. They do not apply to offers for U.S. companies. The review of the current rules focused on determining whether changes could be made that would further facilitate the ability of U.S. investors to exercise their rights in connection with cross-border mergers and acquisitions. The review looked at areas of the rules that were in conflict or inconsistent with foreign regulations and business practices, which often result in the exclusion of U.S. investors from these transactions.

http://www.sec.gov/news/press/2008/2008-66.htm