Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Friday, March 28, 2008

SEC Grants Rule 14e-5 Exemption to Loews

The SEC granted a request for a no-action position from Loews Corporation ("Loews"), to permit Loews to make open market purchases of its shares in connection with Loews' announced intention to dispose of its ownership interest of its wholly owned subsidiary Lorillard, Inc. ("Lorillard"). Pursuant to the plan, Loews will offer holders of Loews Common Stock the opportunity to exchange such shares of Loews in exchange for shares of Lorillard.  The SEC granted an exemption from Rule 14e-5 subject to a number of conditions.

http://lawprofessors.typepad.com/securities/2008/03/sec-grants-rule.html

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