# 17 C.F.R. § 240.14d-8 (2026): Exemption from statutory pro rata requirements

> Federal · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/CFR_T17_P240_S240_14d_8

## Section

- **Citation:** 17 C.F.R. § 240.14d-8 (2026)
- **Heading:** Exemption from statutory pro rata requirements
- **Jurisdiction:** Federal
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Title 17 CFR: Commodity and Securities Exchanges / Chapter II: SECURITIES AND EXCHANGE COMMISSION / Part 240: GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF 1934 / Subpart A: Rules and Regulations Under the Securities Exchange Act of 1934 / § 240.14d-8: § 240.14d-8   Exemption from statutory pro rata requirements.

## Text

Notwithstanding the pro rata provisions of section 14(d)(6) of the Act, if any person makes a tender offer or request or invitation for tenders, for less than all of the outstanding equity securities of a class, and if a greater number of securities are deposited pursuant thereto than such person is bound or willing to take up and pay for, the securities taken up and paid for shall be taken up and paid for as nearly as may be pro rata, disregarding fractions, according to the number of securities deposited by each depositor during the period such offer, request or invitation remains open.
(Sec. 23, 48 Stat. 901; sec. 203(a), 49 Stat. 704; sec. 8, 49 Stat. 1379; sec. 10, 78 Stat. 580; sec. 3, 82 Stat. 455; secs. 3-5, 84 Stat. 1497; sec. 18, 89 Stat. 155; 15 U.S.C. 78n(e), 78w(a))
[47 FR 57680, Dec. 28, 1982]

## Nearby sections

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- [17 C.F.R. § 240.3a12-1 (2026) § 240.3a12-1   Exemption of certain mortgages and interests in mortgages.](https://www.frixlaw.com/law-library/statutes/CFR_T17_P240_S240_3a12_1.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/CFR_T17_P240_S240_14d_8. Check the current official text before relying on it. Not legal advice.