Not An Interested Party Under 251(h)? Think Again

Law360, New York (August 23, 2013, 2:03 PM EDT) -- A much-cheered change to Delaware's tender offer rules is already making life easier for buyers and sellers, but some uncertainty remains around exactly what “interested party” means and how buyers hoping to lock up their deal should handle side agreements with large investors.

The change, known as 251(h) after its statutory heading, allows buyers to close immediately once they have a simple majority of shares. Previously, they had to rely on imperfect fixes like top-up options, which aren’t always available, or shareholder votes, which mean months...
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