	sec clarifies position on tender offer changes the securities and exchange commission reminded corporate raiders and others tendering for the shares of companies that they must extend the period their offers are open if key conditions are changed specifically the agency said those making tender offers for companies stock must extend the offers if they decide to eliminate conditions requiring a minimum number of shares to be tendered in order for the offers to be valid tender offers typically include minimum share conditions as a result a purchaser would not be bound to buy the shares that were tendered if the minimum level were not reached in an interpretation of current rules which officials said clarifies the sec s present position the agency said a tender offer must be extended if a minimum share condition is waived even if the purchaser reserved the right to do so the interpretation makes clear that waiving a minimum share condition is a material change of the tender offer under u s securities law sec officials said the sec has already said that other specific material changes such as changes in the percentage of securities being sought or the price being offered made during the course of a tender offer require a day extension of the offer the length of the extension which is aimed at giving shareholders an adequate chance to assess revisions of a tender offer was not specified in cases where the minimum share conditions were waived sec officials said the length of the extension in such cases would depend on the facts and circumstances surrounding each case but would generally be between five and days the agency cited two recent tender offers in which waivers of a minimum share conditios were tried on the last day of each offer denying shareholders the chance to react to the new information officials declined to identify the two offers if a bidder makes a material change near or at the end of its offer it will have to extend the offer to permit adequate dissemination the sec said federal securities law requires that all tender offers remain open for at least business days reuter 
