SEC Releases Updated Guidance Regarding Going Private Transactions (February 2009)
The Securities and Exchange Commission recently issued updated interpretive guidance in the form of a Q&A regarding the application of Rule 13e-3 under the U.S. Securities Exchange Act of 1934 to going private transactions. The client memo highlights the SEC's views with respect to when management's involvement in a transaction may cause a purchaser unaffiliated with the target to trigger Rule 13e-3.