When must a Schedule 14-D9 be filed following a Schedule TO filing?

A Schedule 14D-9 must be filed within 10 business days following the filing of a Schedule TO because it serves a specific function in the context of tender offers. The Schedule TO is submitted by the bidder, typically the party looking to purchase shares in a company, to outline the terms of the tender offer to shareholders. Meanwhile, the Schedule 14D-9 is the response from the target company, providing the board's views on the tender offer, including any recommendations or opposing considerations regarding the offer.

Filing it within this designated timeframe ensures that shareholders receive timely and relevant information, enabling them to make an informed decision about whether to accept or reject the tender offer. Timeliness in this regulatory process aligns with the goal of investor protection and market transparency.