Who files the Schedule TO in a tender offer situation?

In a tender offer situation, the acquirer files the Schedule TO. This document is essential as it contains information about the tender offer and is required to be filed with the Securities and Exchange Commission (SEC). Schedule TO outlines the terms of the offer, including the purchase price, the number of shares being sought, and the conditions under which the offer is made.

The acquirer is the party initiating the offer for shares, so it is their responsibility to disclose all relevant details to shareholders and the SEC, ensuring transparency throughout the process. This allows shareholders of the target company to make informed decisions regarding the tender offer.

In contrast, while the target company may respond to the offer by providing its own assessment or recommendation, it does not file the Schedule TO; that responsibility lies solely with the acquirer. The financial adviser may assist in structuring the deal or advising the acquirer, but they do not file the Schedule TO themselves. The SEC plays a regulatory role by reviewing these filings but is not the entity that submits the Schedule TO.