Hawaii Revised Statutes 417E-3 – Filing of solicitation materials
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Terms Used In Hawaii Revised Statutes 417E-3
- Commissioner: means the commissioner of securities as provided for in chapter 485A. See Hawaii Revised Statutes 417E-1
- offeror: means a person who makes or in any way participates in making a take-over offer. See Hawaii Revised Statutes 417E-1
- Take-over offer: means the offer to acquire any equity securities of a target company from a resident of this State pursuant to a tender offeror request or invitation for tenders, if after the acquisition of all securities acquired pursuant to the offer either the offeror would be directly or indirectly a beneficial owner of more than ten per cent of any class of the outstanding equity securities of the target company; or the beneficial ownership by the offeror of any class of the outstanding equity securities of the target company would be increased by more than five per cent, provided that this does not apply if after the acquisition of all securities acquired pursuant to the offer, the offeror would not be directly or indirectly a beneficial owner of more than ten per cent of any class of the outstanding equity securities of the target company. See Hawaii Revised Statutes 417E-1
- Target company: means an issuer of publicly traded equity securities which is organized under the laws of the State or has at least twenty per cent of its equity securities beneficially held by residents of this State, and has substantial assets in this State. See Hawaii Revised Statutes 417E-1
Copies of all advertisements, circulars, letters, or other materials published by the offeror or the target company, soliciting or requesting the acceptance or rejection of the take-over offer, shall be filed with the commissioner and sent to the target company or offeror, respectively, not later than the time copies of such solicitation materials are first published or used or sent to offerees. The commissioner may prohibit the use of any solicitation materials deemed false or misleading.