The United States Securities and Exchange Commission recently adopted a number of changes to the cross-border tender offers, exchange offers and business combination rules in an attempt to expand and enhance the benefits of these rules and to facilitate the inclusion of U.S. investors in cross-border transactions. Many of the newly adopted changes codify existing SEC interpretive positions and exemptive orders and address frequently arising issues and the unintended consequences of the existing cross-border exemptions. The amended rules are expected to become effective at the end of 2008 or the beginning of 2009.

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