SEC Seeks OMB Extension for Schedule TO Tender Offer Disclosures
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This notice keeps the SEC’s Schedule TO information collection in place for tender offers. Companies and other parties making certain tender offers must continue filing Schedule TO disclosures so investors can review key information before deciding whether to sell or exchange their securities. The SEC estimates 259 respondents will file about 591 Schedule TO responses each year, with about 22.38 hours and $8,949.93 in outside costs per response. Public comments on the extension are due by July 23, 2026.
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Key Changes
- Extends the existing SEC information collection for Schedule TO tender offer disclosures
- Keeps Schedule TO filing requirements mandatory for covered tender offers
- Sets estimated annual paperwork burden at 13,227 hours and estimated annual outside cost at $5,289,409
Obligations
What this law requires
Persons conducting tender offers covered by Schedule TO must file Schedule TO disclosing the information required by 17 CFR 240.14d-100 in connection with the tender offer.
Schedule TO filers must submit mandatory Schedule TO information so that it is publicly available through the SEC EDGAR system.