Excerpt from Practical Guidance

Spotlight On Rule 13e-3

Law360, New York (June 27, 2013, 10:29 AM EDT) -- Rule 13e-3 of the Exchange Act, 17 C.F.R. § 240.13e-3, is the U.S. Securities and Exchange Commission's going private rule. Rule 13e-3 makes it illegal for an issuer or its affiliates to effect a going private transaction unless certain detailed disclosure requirements are met. The rule seeks to provide greater transparency for minority or unaffiliated stockholders, who are susceptible to potential coercion and other manipulative tactics by the parties to the going private transaction. See SEC Release No. 34-17719, 46 FR 22571 (April 20, 1981)....

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