Our recent Client Alert discusses the Exemptive Order issued by the Division of Corporation Finance of the Securities and Exchange Commission on April 16, 2026, which provides flexibility to shorten the minimum offering period for certain types of equity tender offers (including all cash, negotiated/friendly whole company acquisitions, and self-tenders) from 20 business days to 10 business days. The Order is intended to reflect technological advancements and address market inefficiencies in eligible transactions. The shortened offering period has the potential to compress sign-to-close timelines for well-organized friendly deals, and to accelerate the closing of some self-tender offers by public and private companies.