{"data":{"id":"us/17-cfr-240.14e-8","jurisdiction":"us","citation":"17 CFR 240.14e-8","heading":"e-8 Prohibited conduct in connection with pre-commencement communications.","body":"It is a fraudulent, deceptive or manipulative act or practice within the meaning of section 14(e) of the Act (15 U.S.C. 78n) for any person to publicly announce that the person (or a party on whose behalf the person is acting) plans to make a tender offer that has not yet been commenced, if the person:\n(a) Is making the announcement of a potential tender offer without the intention to commence the offer within a reasonable time and complete the offer;\n(b) Intends, directly or indirectly, for the announcement to manipulate the market price of the stock of the bidder or subject company; or\n(c) Does not have the reasonable belief that the person will have the means to purchase securities to complete the offer.","path":["Title 17—Commodity and Securities Exchanges","CHAPTER II—SECURITIES AND EXCHANGE COMMISSION","PART 240—GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-17.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:31Z","sha256":"b879655f46a534c51a738fba3d63a651eda6120abd42ceb48c91ea26a25d852f","source_id":"us-cfr","stale":true,"prev":"us/17-cfr-240.14e-7","next":"us/17-cfr-240.14f-1"},"notice":"GroundRules: Original legal text. Not legal advice."}