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B. Equal Treatment
us SEC - C&DI - Proxy Rules and Schedules
Question 1
Q: Bidder commences a tender offer for the securities of a foreign private issuer. Bidder initially excludes U.S. security holders. While the offer is pending abroad, bidder chooses to extend the offer into the United States and include U.S. security holders. How long must the U.S. offer remain open?
A: The equal treatment requirement in the Tier I and Tier II exemptions means that the U.S. offer generally must be open for at least as many days as the minimum period permitted by the foreign jurisdiction. Where this could cause the offeror to violate the foreign jurisdiction's rules, such as a limit on the maximum allowable offering period, we will consider relief on a case-by-case basis. [Superseded]
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