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Offer is scheduled to expire at midnight, Eastern Daylight Time, on October 27, 2006 however, the expiration date may be extended. Pilgrim’s Pride has announced that its tender Every offer has an initial expiration date (i.e., the end of the 20th business day), but this expiration date may be extended by the bidder. Tender offer must be open a minimum of 20 business days. The offer date for Pilgrim’s Pride offer is scheduled for September 29, 2006. Offer commences, signaled by the mailing of an offer to target stockholders and/or placement of a “tombstone” ad in the national editions of the Wall Street Journal or The New York Times. Shares during the entire period the equity tender offer remains open. In addition, security holders have withdrawal rights and may withdraw tendered Also, an offer must remain open for at least 10 business days after certain material changes. However, tender offers are often not completed within 20 businessĭays when their conditions are not satisfied within that initial period. A tender offer must remain open for at least 20 business days after it begins. If there is a mailing to stockholders, it will be sent to all holders. List or directly mail the offer to purchase to its stockholders. To enable a bidder to send the offer documents to the target company shareholders, the target may either provide the bidder with a shareholder A Schedule 14D-9 (see “Key Documents” below) must be filed with the SEC on the date the recommendation is first published, sent orĭissemination of information. Statement to its security holders disclosing the target company’s position with respect to the offer. Within 10 business days of the commencement of a tender offer, the target company’s board of directors must disseminate a The bidder must deliver a copy of the Schedule TO to the target company, any other bidder that has filed a Schedule TO for an outstanding offer, and to each national securities exchange on which the target company’s A bidder must, as soon as practicable on the commencement date of the tender offer, file a Schedule TO with the SEC (see “Keyĭocuments” below). Some of the other basic legal requirements and considerations of tender offers include:

A tender offer must comply with the rules and regulations of the SEC, which include certain disclosure requirements, minimum offering periods, withdrawal rights, manner of Purchase is printed and mailed to the target company’s stockholders. Typically, a tender offer is commenced when the company making the offer – the bidder – places a summary advertisement, or “tombstone,” in a major national newspaper and the offer to Bid for stockholders to sell their stock.