Securities and Exchange Commission:
Cross-Border Tender and Exchange Offers, Business Combinations and Rights Offerings
OGC-00-11, Nov 19, 1999
Pursuant to a legislative requirement, GAO reviewed the Securities and Exchange Commission's (SEC) new rule on cross-border tender and exchange offers, business combinations, and rights offerings. GAO noted that: (1) the rule contains tender offer and Securities Act registration exemptive rules for cross-border tender and exchange offers, business combinations, and rights offerings relating to the securities of foreign companies; (2) the purpose of the exemptions is to facilitate U.S. investor participation in these types of transactions; and (3) SEC complied with applicable requirements in promulgating the rule.