Series 79 practice questionmediumWilliams Act and Tender Offer Regulation
A bidder commences a tender offer to acquire 30% of a public company. According to the Williams Act, how long must the offer remain open for shareholders to tender their shares?
- AAt least 7 calendar days
- BAt least 20 business days✓ Correct answer
- CAt least 10 business days
- DAt least 30 calendar days
Explanation
Why B — At least 20 business days
The Williams Act requires that a tender offer be open for at least 20 business days. It is a trap to confuse business days with calendar days or to choose shorter periods, which do not meet the regulatory minimum.
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