The 2013 Amendments to the Delaware General Corporation Law
Last month, the SEC issued relief – in the form of an exemptive order – permitting certain types of tender offers to remain open for only 10 business days, cutting in half the prior general requirement of 20 business days....more
Deal activity pulled back MoM but outperformed YoY: Across buyer types, April global deal value declined month-over-month but was up 21% compared to last year. Deal count fell 26% to the lowest level in over a year....more
The SEC’s Division of Corporation Finance recently issued an exemptive order under the Exchange Act permitting certain tender offers for equity securities to remain open for a minimum period of ten business days instead of a...more
Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains updates and important reminders on the following topics...more
Acquirors of public company targets in negotiated, all-cash acquisitions can now complete a transaction on the 11th business day following the commencement of a tender offer. This can shorten the closing timetable for certain...more
On April 16, 2026, the Division of Corporation Finance (the “Division”) of the U.S. Securities and Exchange Commission issued an exemptive order (the “Order”), effective upon issuance, permitting certain eligible equity...more
On April 16, 2026, the Division of Corporation Finance (the “Division”) of the Securities and Exchange Commission (the “SEC”) issued an exemptive order that significantly reduces the time certain tender offers for equity...more
The SEC’s Division of Corporation Finance (the “Division”) has issued an exemptive order1 permitting certain equity tender offers to remain open for an abbreviated 10 business day period, as opposed to the traditional 20...more
The SEC Division of Corporation Finance recently issued an exemptive order permitting certain equity tender offers to remain open for as few as 10 business days instead of the previously required 20 business days....more
On April 16, 2026, the Securities and Exchange Commission (SEC) issued relief permitting certain types of tender offers to remain open for only 10 business days, cutting in half the prior general requirement of 20 business...more
On April 16, 2026, the SEC issued an exemptive order allowing certain equity tender offers to remain open for as few as 10 business days (versus the longstanding 20-business-day minimum), subject to a defined set of...more
The Division of Corporation Finance of the SEC stated that the exemptive relief aims to address market inefficiencies, better reflect technological advances, and reduce exposure to market fluctuations. On April 16, 2026,...more
On April 16, 2026, the Securities and Exchange Commission (the “SEC”) issued an exemptive order (the “Exemptive Order”) that cuts in half the minimum offering period for certain types of equity tender offers. ...more
On April 16, 2026, the Division of Corporation Finance (Division) of the U.S. Securities and Exchange Commission (SEC) issued an exemptive order permitting certain tender offers for equity securities to remain open for a...more
On April 16, 2026, the Division of Corporation Finance of the US Securities and Exchange Commission issued an exemptive order permitting certain tender offers for equity securities to remain open for a minimum of 10 business...more
On April 16, 2026, the Division of Corporation Finance of the Securities and Exchange Commission (SEC) issued an exemptive order (Order) permitting certain tender offers for equity securities to close after 10 business days...more
On April 16, 2026, the staff of the Securities and Exchange Commission’s Division of Corporation Finance issued an exemptive order granting an exemption (the “Exemption”) from Rules 13e-4(f)(1) and 14e-1(a) and (b) of the...more
Private companies are increasingly establishing recurring tender offer programs to provide employees with liquidity on vested equity. What was once an ad hoc exercise is becoming a standing feature of compensation strategy....more
On April 16, 2026, the US Securities and Exchange Commission (SEC) Division of Corporation Finance (Division) issued exemptive relief relating to tender offers of equity securities that would shorten the minimum offering...more
Tender offers for equity securities now need only remain open for 10 business days, instead of twenty, under an Exemptive Order released on April 16, 2026....more
The $110+ billion acquisition of Warner Bros. Discovery by Paramount Skydance Corporation is more than just a headline-grabbing media consolidation. It is a case study in how modern corporate law operates under pressure. From...more
On April 16, 2026, the Office of Mergers and Acquisitions within the SEC’s Division of Corporation Finance issued a significant exemptive order that permits certain tender offers for equity securities to remain open for as...more
On April 16, 2026, the U.S. Securities and Exchange Commission’s (the SEC) Division of Corporation Finance (CorpFin) issued an exemptive order (the Order) permitting certain tender offers for equity securities to remain open...more
On April 16, 2026, the Division of Corporation Finance (the Division) of the U.S. Securities and Exchange Commission (the SEC) issued an exemptive order (the Order), effective immediately, permitting certain tender offers for...more
On April 16, 2026, the Division of Corporation Finance (the Division) of the Securities and Exchange Commission, acting under delegated authority, issued an Exemptive Order (the Order) providing flexibility to shorten the...more