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ARTICLE · 24 APRIL 2026

SEC Issues Exemptive Order Permitting Shortened Tender Offer Periods

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The SEC's Division of Corporation Finance has issued a groundbreaking exemptive order allowing certain equity tender offers to close in just 10 business days rather than the standard 20-day minimum.

United StatesCorporate/Commercial Law
Ryan M. Rourke Reed
Ryan M. Rourke Reed
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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 few as 10 business days, rather than the standard 20 business days required under Exchange Act Rules 13e-4(f)(1)(i) and 14e-1(a). The order applies to tender offers involving both reporting and non-reporting companies and reflects the Division’s effort to modernize the regulatory framework governing tender offers to better account for technological advancements, reduce unnecessary market exposure, and address longstanding market inefficiencies. 

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