Timing: Minimum Offer Period, Withdrawal Rights, Extensions, and Prompt Payment

What this video covers

• Why the default minimum tender offer period is 20 business days, and why calendar-day counting is a classic exam trap
• The narrow 10-business-day exemption for negotiated all-cash mergers, and its three required conditions
• The 60-calendar-day minimum for roll-up transactions involving registered securities on Form S-4 or Form F-4, and how it differs from the 60-calendar-day withdrawal-rights revival
• The three change-of-terms triggers that force a 10-business-day extension: price changes, percentage-of-class changes, and dealer soliciting fee changes
• The 2% exception for percentage increases that does NOT trigger the mandatory extension
• How withdrawal rights differ between third-party offers (revival at 60 calendar days) and issuer self-tenders (revival at 40 business days), and why calendar-versus-business distinction matters
• Why there are NO withdrawal rights during a subsequent offering period, even though the minimum length is 3 business days
• Why prompt payment means 3 business days after offer termination, and the negotiated all-cash exemption that stretches to 10 business days