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 ?
A brief analysis of the passage of Williams Act, and its accompanying fundamental changes to the corporate governance landscape, demonstrates why changes to tighten the rules under 13(d) are unnecessary and potentially harmful to the overall economy.
A debt investment is not subject to the disclosure requirements of the Williams Act.
In response to the increasingly common use of the tender offer as a means of accomplishing corporate takeovers in the 1960s, (105) Congress passed the Williams Act amendments to the Securities Exchange Act of 1934 (1934 Act).
Unless these types of measures are taken, financial innovation will eventually render the Williams Act meaningless.
Whatever the merits of this view, the majority of policymakers engaged in debate over the Williams Act were discomforted by such a leap in federal regulation.
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.
As a result, customers have ready access to the precise data they need from prospectuses; registration statements; annual reports; proxy statements; and 6-K, 8-K, 10-C, 10-K, 10-Q, 20-F, and Williams Act 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.
The Opinion addresses all pending claims in the litigation with the exception of NRL's claim under the Williams Act that the tender offer (as amended on October 4, 2004) contains false and/or misleading statements.
and the Dirk Family Trust have commenced an action against Westar Capital LLC ("Westar") in the United States District Court for the Central District of California for violations of the Williams Act, tortious interference with contract, tortious interference with prospective economic advantage, and unfair business practices.
Defendants also violated the all-holders provision of the Williams Act by giving additional consideration to directors and officers of Digital Island, who were also shareholders, in excess of that given to other Digital Island shareholders as an inducement to support Cable & Wireless' Offer to Purchase.