The US Securities and Exchange Commission's Division of Corporation Finance announced on Tuesday that it has completed its review of the Commission's cross-border tender, exchange offer and business combination rules, and has prepared recommendations for consideration by the Commission.
The cross-border tender offer rules apply to offers for the securities of foreign companies that have US security holders. They do not apply to offers for US companies.
The goal of the review of the current rules, which were adopted by the Commission in 1999, was to determine whether changes could be made that would further facilitate the ability of US investors to exercise their rights in connection with cross-border mergers and acquisitions.
This review included looking at areas of conflict and inconsistency with foreign regulations and practice that are frequently encountered in cross-border business combinations, and that result in US investors being excluded from these transactions.
"As I have noted publicly on a number of occasions earlier this year, preparing recommendations for the Commission to consider regarding ways to improve the cross-border business combination rules was a high priority for the Division."
"I am pleased to deliver our recommendations to the Commission and look forward to the public discourse that will follow the Commission's issuance of any proposed changes," commented John White, Director of the Division of Corporation Finance.
The Division recommended Commission consideration as soon as possible.
Issuance of a rule proposal by the Commission based on the Division's recommendations requires a vote of the Commissioners, followed by a public comment period.
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