SEC Proposed Revisions to Cross-Border Tender Offer and Business Combination Rules

The U.S. Securities and Exchange Commission has recently proposed revisions to the rules governing cross-border tender offers, business combinations and rights offerings involving foreign private issuers. The purpose of the proposed rules is to codify existing no-action letter relief and to reduce the regulatory conflict between the U.S. and non-U.S. securities regimes governing cross-border transactions. The full text of the proposed rules is available at:

http://sec.gov/rules/proposed/2008/33-8917.pdf