In a recommended transaction, a tender or exchange offer commences as soon as practicable (often within a week) after the execution of the merger agreement by the publication of a half-page summary advertisement

Once a merger agreement has been executed, the bidder and target issue a press release announcing the agreement and stating that either

Under the all holders/best price rule (Rule 14d-10, Exchange Act), the consideration paid to any shareholder for securities tendered in a tender or exchange offer must be the highest consideration paid to any shareholder for securities tendered in such of

•Minimum offer period. The offer must remain open for at least 20 business days from its commencement date, with certain mandatory extensions on changes to the offer terms or related disclosure materials .