This comment analyzes the evolution of the cash tender offer as a mechanism for acquiring corporate control. The author begins by exploring the history and regulation of cash tender offers. Next, the author examines the Supreme Court's decision in Piper v. Chris-Craft Industries, Inc. in which the Supreme Court held that a tender offeror does not have standing to sue for damages under the Williams Act when suing in its capacity as a takeover bidder. The author concludes that the Supreme Court's decision effectively undermines the congressional purposes underlying the enactment of section 14(e) and should be limited to its facts and not used as precedent in future cases.
Michael F. Brown,
Tender Offerors: Enter the Control Battle at Your Own Risk,
San Diego L. Rev.
Available at: https://digital.sandiego.edu/sdlr/vol15/iss4/7