Series 79 practice questionmediumSchedule TO and Schedule 14D-9
Under Schedule 14D-9, when must a target company’s board respond to a tender offer?
- AWithin 3 calendar days of offer commencement
- BBefore the offeror files a Schedule TO
- CWithin 10 business days of offer commencement✓ Correct answer
- DAfter the offer closes
Explanation
Why C — Within 10 business days of offer commencement
The board must respond within 10 business days. Trap answers use incorrect timelines or reverse the sequencing of regulatory actions.
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