The SEC's Rules in a Tender Offer:
These rules require bidders to:
Disclose important information about themselves;
Disclose the terms of the offer;
File their offering documents with the SEC; and
Provide the target company and any competing bidders with information about the tender offer.
The rules also give investors important protections, including the right to:
Change their minds and withdraw from the transaction while the offer remains open;
Have their shares accepted on a "pro rata" basis (if the offer is for less than all of the company's outstanding shares and investors tender too many shares); and
Be treated equally by the bidder.