Williams Act


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Williams Act

Federal legislation enacted in 1968 (and now constituting Rules 13d and 14d of the Security Exchange Act of 1934) that imposes requirements with respect to public tender offers.

Williams Act

Legislation in the United States, enacted in 1968, requiring persons or companies who own or make a tender offer for more than 5% of the common stock of a publicly-traded company to register with the SEC. The information contained in the registration includes the person or company's intentions, the terms of a tender offer, and how the person or company is paying for it. The Williams Act is designed to increase transparency in the market, especially in the event of a hostile takeover. The SEC enforced the Williams Act through Rule 13d and Rule 14d.

Williams Act

A 1968 addition to the Securities Exchange Act of 1934 that requires investors who own or tender more than 5% of a firm's stock to furnish certain information to the SEC. The act also established a minimum period during which a tender offer must be held open. Required information includes the reason for the acquisition, the number of shares owned, and the source of the funds used for the purchase.
References in periodicals archive ?
Assuming that activists are integral to market-based stewardship in the United States, the current debate over the terms of the stock accumulation disclosure requirement under the Williams Act (21) threatens to negatively impact the incentives of would-be governance activists.
The Jamie Schanbaum and Nicolis Williams Act, which took affect this year, requires college and university students under the age of 30 to have the bacterial meningitis vaccine.
To address these undesirable possibilities, Congress and state legislatures enacted a variety of takeover-related legislation, starting with the Williams Act in (1968).
Also, Westlaw said that the M&A Center has been enhanced with the addition of all relevant M&A-related laws and regulations, including the Williams Act and Hart-Scott-Rodino.
Despite some claims that hedge funds often hold short positions or are otherwise dangerously conflicted, the survey found very limited evidence for this; the survey also found that hedge funds have, in fact, disclosed these conflicts, though the proxy and Williams Act rules in this respect should be clarified.
These actions were followed by the passage of other enforcement acts, such as the Celler-Kefauver Act (1950), the Williams Act (1968), and the HartScott-Rodino Act (1976), that control the way businesses are allowed to combine while guarding shareholder interest.
The 1968 Williams Act Amendments to the 1934 Securities Exchange Act were designed to protect shareholders from coercive cash tender offers and to guarantee them the same treatment during a cash tender offer as they received in a proxy contest or exchange offer.
shareholders of Financial General had acquired, as a group, control of more than 5 percent of Financial General's shares in violation of the Williams Act.
Letters are organized by category, including registrations, proxy materials, periodic and "current reports, Williams Act filings (mergers and acquisitions), mutual funds, and other filings.
Specifically, the Taro suit alleges that Sun's tender offer violates the Williams Act by failing to disclose such matters as: (i) a pattern of serious violations of FDA laws and regulations by Caraco; (ii) the seizure by U.
WEGENER also filed a Counterclaim against Radyne ComStream alleging violation of federal securities laws, specifically the Williams Act, and related regulations concerning tender offers because Radyne ComStream's tender offer documents contain material misstatements of fact and omissions of facts necessary to make other statements not misleading.