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Softa [21]
3 years ago
7

Pacific West Utility has made a takeover offer to the shareholders (51% of the shares) of San Diego Edison. The board and manage

ment are concerned about the ability of Pacific West to manage San Diego Edison and have solicited the help of Western Power. Western Power will make a tender offer to the shareholders of San Diego Edison that is $1.00 more than Pacific West's offer. Which of the following statements is true?
a. Western Power must comply with the Williams Act.
b. San Diego Edison must comply with the Williams Act.
c. Pacific West need not comply with the Williams Act.
d. The Williams Act is not applicable.
Business
1 answer:
bazaltina [42]3 years ago
4 0

Answer: a. Western Power must comply with the Williams Act.

Explanation: The Williams Act was passed into law in 1968 and is a federal defining the rules of acquisitions and tender offers in response to hostile attempts at takeovers from corporate raiders who make cash tender offers for stocks they owned. These offers often destroy value since they force stockholders to tender stocks on a shortened timetable and as such, the Williams Act also includes time constraints specifying the number of days to make a decision and also the least amount of time such cash offers may be open. In accordance with the Act, Western Power must follow the tenets stipulated within the Act.

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