[Last updated: 1 January 2025, unless otherwise noted]

The documentation for a tender offer is mostly prescribed by the SEC. A financial adviser who is familiar with tender offer transactions may need three or four weeks to prepare and finalize the tender offer documents. For a partial tender offer, the tender offeror aiming to obtain a waiver from the tender offer obligation must obtain an approval from a shareholders' meeting of the listed company in relation to the partial tender offer and submit the application for waiver to the Office of the SEC along with the fees. The waiver is subject to approval from the SEC.

Upon filing of the tender offer with the Office of the SEC, the tender offeror shall immediately deliver a copy of the tender offer and the acceptance form to the target business, and all the shareholders and securities holders. The tender offer period must be commenced within three business days from the day following the date that the Office of the SEC receives the tender offer documents. The tender offer period must be open for 25 to 45 business days. The period for a general tender offer depends on the discretion of the tender offeror. For delisting, the tender offer period must be 45 business days.

In practice, the tender offer process is usually completed within two or three months unless an extension to the tender offer period has been made. Unless there has been a competing tender offer or certain events occur to the business, the maximum tender offer period after such extension cannot exceed 45 business days.

5.1 Indicative timeline of a public voluntary takeover offer

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