Mini-tender offer
A mini-tender offer is a tender offer for no more than five per cent of a company's shares. It falls outside Section 14(d) and Regulation 14D but not outside Section 14(e) and Regulation 14E, and it is lawful. It is a real offer, unlike a sham tender offer, though the price may be below the market.
Where does mini-tender offer come up?
This term is used in the following manipulation techniques, each explained in full on its own page.
Enforcement actions involving these techniques
| Action | Agency | Filed | Technique | Penalty | Status |
|---|---|---|---|---|---|
| SEC v. Melville Peter ten Cate (sham tender offers, 2023) | SEC | 2023-01-03 | Sham Tender Offers | $500k | judgment |
| SEC v. Lee Simmons (price manipulation, 2022) | SEC | 2022-08-19 | EDGAR Filing Fraud , Price Manipulation +1 | — | filed |
| SEC v. Edgar M. Radjabli, Apis Capital Management LLC and My Loan Doctor LLC (sham tender offers, 2021) | SEC | 2021-06-11 | Sham Tender Offers | $419k | settled |
| SEC v. PTG Capital Partners, Ltd. (sham tender offers, 2020) | SEC | 2020-03-11 | EDGAR Filing Fraud , Sham Tender Offers | $1.5m | judgment |
| SEC v. Mark E. Burns (price manipulation, 2019) | SEC | 2019-08-12 | EDGAR Filing Fraud , Price Manipulation +1 | $60k | judgment |