The merger exclusion will apply to both the acquiror (repurchasing its own shares or the target’s
shares) and the target company (repurchasing its own shares or the acquiror’s shares).
Similarly, the SEC staff takes the position under Rule 10b-18 that the acquiror and target
company are considered “affiliated purchasers” for purposes of complying with the rule and its
So Dr. Frost is not buying shares of BRLI at this time
"Note that Regulation M restricts only purchases of the security being distributed
and not derivative securities (such as warrants or convertible debt or preferred stock) that are
exercisable for or convertible into the security being distributed"
Thus the convertible bond was allowed to be converted into shares
ICE:You are correct. before I meant once the Prolor deal closed he was able to buy shares in Opko as the Prolor shares stopped trading.
It was funny back then. Even though Dr. Frost was not purchasing shares the stock price rose as we got closer to the merger.
"Regulation M does not restrict share purchases until the commencement of
the “restricted period,” at which time open market purchases and most other purchases of the
security to be issued in the business combination must stop. In the case of a merger subject to a
shareholder vote, the Regulation M restricted period begins when the proxy statement for the
transaction is first mailed to the shareholders of the merging companies and ends on the date
the target shareholders have voted on the proposed business combination"
So we'll have to wait a bit for him to buy. Look at the Prolor deal he stopped buying when the proxy was sent and resumed buying once the deal closed.
Votes can be changed up until the deadline
I have done this on a couple of stocks when different info was obtained after I voted
Also have made error voting and changed to correct vote at a later date
That said. I don't think many would change their vote