Tender offer
A tender offer is a public offer to buy shares directly from a company's holders, usually at a premium to the market price and open for a stated period. In the United States it is governed by Sections 14(d) and 14(e) of the Exchange Act and Regulations 14D and 14E.
Where does 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 |