13.3. Third-Party Tender Offers

The offeror in a third-party tender offer has additional notification requirements. At the same time that the offeror publicly announces the tender offer, it has to deliver a copy of the public announcement to the target, as well as to any other party conducting a tender offer for the same class of securities. The Schedule TO must be sent not only to the SEC but also to any national securities exchange where the targeted class of securities is listed. If the success of a third