StacksVerified U.S. regulatory reference

17 CFR §240.14e-8

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗
It is a fraudulent, deceptive or manipulative act or practice within the meaning of section 14(e) of the Act (15 U.S.C. 78n) for any person to publicly announce that the person (or a party on whose behalf the person is acting) plans to make a tender offer that has not yet been commenced, if the person:
  1. (a)Is making the announcement of a potential tender offer without the intention to commence the offer within a reasonable time and complete the offer;
  2. (b)Intends, directly or indirectly, for the announcement to manipulate the market price of the stock of the bidder or subject company; or
  3. (c)Does not have the reasonable belief that the person will have the means to purchase securities to complete the offer.