On April 16, 2026, the Securities and Exchange Commission’s (the SEC) Office of Mergers and Acquisitions in the Division of Corporation Finance (the Division) issued an exemptive order (the Order) permitting certain tender offers for equity securities to remain open for a minimum of 10 business days rather than the standard 20 business days, subject to strict conditions designed to preserve investor protections. The Order is a significant development for deal teams that are structuring cash acquisitions and issuer tender offers. Overview of the Exemptive Order The Division, acting on behalf of the SEC pursuant to delegated authority, granted conditional exemptions from Rules 13e-4(f)(1)(i) and 14e-1(a) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which requires a tender offer to remain open for at least 20 business days in order to give investors adequate time to evaluate and respond to the offer.