Securities and Exchange Commission v. Carter Hawley Hale Stores, Inc.
United States Court of Appeals for the Ninth Circuit
760 F.2d 945 (1985)
Relevant factsFree
To fend off The Limited's tender offer for over 50% of its stock, Carter Hawley (defendant) began repurchasing its own shares at market price; the SEC (plaintiff) sought an injunction, arguing the buyback was itself an unregistered tender offer, and the district court ruled for Carter Hawley.
IssueFree
Whether the Wellman test is appropriate for determining whether an offer constitutes a tender offer.