Buy-back bid acceptance rules govern price setting and proportional allocation when bids exceed the offer, and bar withdrawal. Regulation 22E requires open-market buy-backs to remain open for at least two trading days; holders may tender securities within the announced price range. If bids exceed the buy-back size, the buy-back price is the price at which cumulative acceptances reach the full size, and securities tendered at or below that price are accepted at the buy-back price on a pro rata basis. If bids are below the buy-back size, all tendered securities are accepted at the highest bid price. The buy-back and placed bids are irrevocable after the public announcement.
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Provisions expressly mentioned in the judgment/order text.
Buy-back bid acceptance rules govern price setting and proportional allocation when bids exceed the offer, and bar withdrawal.
Regulation 22E requires open-market buy-backs to remain open for at least two trading days; holders may tender securities within the announced price range. If bids exceed the buy-back size, the buy-back price is the price at which cumulative acceptances reach the full size, and securities tendered at or below that price are accepted at the buy-back price on a pro rata basis. If bids are below the buy-back size, all tendered securities are accepted at the highest bid price. The buy-back and placed bids are irrevocable after the public announcement.
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