USA Law and Practice Contributed by: Nicholas A Dorsey, Ryan J Patrone, Kelly M Smercina and Margaret R M Rallings, Cravath, Swaine & Moore LLP
the criteria cannot be satisfied, the offeror must keep the tender offer open for 20 business days. If US holders beneficially own no more than 10% of the securities subject to a tender offer, an exemption from most of the US tender offer rules is available (the “Tier I exemption” ), and if US holders beneficially own no more than 40% of the securities subject to a tender offer, an exemption from certain of the US tender offer rules is available (the “Tier II exemption” ).
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