Corporate Regulatory Report
A Summary of Current Regulatory Developments Affecting Publicly Listed Companies

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On October 18, 2006, the SEC approved changes to its tender offer “best price” rule. The “best price” rule requires that all shareholders be paid the same price in a tender offer. The SEC has not yet published the final rule but according to the SEC’s press release announcing the rule change, “the changes, which were made necessary by conflicting court interpretations, make clear that compensation for services that might be paid to a shareholder doesn’t count as part of the price paid for his shares.”