Definition
A subsequent offering period (under Rule 14d-11) is an extension of a tender offer after the initial expiration, during which:
- The bidder accepts shares already tendered and pays for them promptly
- Additional holders can tender at the same offer price
- No withdrawal rights apply during the SOP — once tendered, shares are committed
- The SOP must run at least 3 business days; commonly 10–20
Why it matters
The SOP is the primary tool for getting from a successful tender result (e.g., 80% tendered) to the threshold needed for a short-form merger (typically 90% under Delaware §253). Holdouts who didn’t tender into the initial period get a second chance; the bidder accumulates more shares without re-running the full Reg 14E process.
Conditions
The bidder must:
- Have completed the initial offer (waived or satisfied all conditions)
- Pay tendering shareholders promptly during the SOP
- Announce the SOP via press release immediately after initial expiration