Tender offers, exchange offers and business combinations involving a non-US target with US securities holders potentially trigger a variety of provisions of the US federal securities laws.[696] Depending principally on the level of US ownership of the target, certain exemptions from this regulatory scheme (known as the Tier I and Tier II exemptions) may be available.[697] We summarize below the requirements and scope of the Tier I and Tier II exemptions, as well as the related exemption from Rule 14e-5.
March 01 2007