SEC Seeks Comments on Extending Tender Offer Schedule
Published Date: 4/16/2026
Notice
Summary
The SEC wants to keep collecting info from people making tender offers to help investors make smart choices. They’re asking for comments on extending this info collection, which affects about 259 folks filing 591 times a year, costing nearly $5.3 million annually. You’ve got until June 15, 2026, to share your thoughts and help make the process smoother and clearer!
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Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Continued Schedule TO Filing Requirement
If you conduct a tender offer, you must keep filing Schedule TO (17 CFR 240.14d-100) with the SEC, which sets out the information required to be disclosed in connection with that tender offer. The SEC is seeking OMB approval to extend this collection so the filing requirement continues to apply.
Estimated Compliance Time and Cost Burden
The SEC estimates Schedule TO is filed about 591 times per year by 259 respondents, requiring about 22.38 hours and $8,949.93 in cost burden per response, for a total annual burden of 13,227 hours and $5,289,409 in cost.
Investor Access to Tender Offer Disclosures
If you own investments, Schedule TO requires people running tender offers to disclose information so you have access to what you need to make an informed investment decision in connection with a tender offer. The SEC says Schedule TO exists to ensure investors have the information necessary for those choices.
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