The Securities and Exchange Commission recently cut the minimum time required for certain equity tender offers in half. Historically, federal rules mandated that such offers remain open for at least 20 business days. Now, an April 16, 2026 exemptive order from the Division of Corporation Finance allows market participants to conclude qualifying cash tender offers
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Latest from Cleary M&A and Corporate Governance Watch
When Strategy Meets Emotion – How to Succeed in Cross-Border M&A for SMEs
An interview given by Cleary partner Mirko von Bieberstein was included in the Handelsblatt special edition supplement “Succession, M&A and Regulatory” on March 25, 2026.
Abu Dhabi Global Market (ADGM) Proposes to Ease Regulations for Smaller and Institutional Fund Managers
On November 24, 2025, the Financial Services Regulatory Authority (“FSRA”) of the Abu Dhabi Global Market (“ADGM”) published Consultation Paper No. 12 of 2025 (the “CP”), proposing significant reforms to the ADGM’s private funds regulatory framework.[1] The proposals introduce two streamlined regulatory regimes for: (i) fund managers with a maximum committed capital of $200…
Outlook for Private Credit in 2026
The following is part of our annual publication Selected Issues for Boards of Directors in 2026. Explore all topics or download the PDF.
The private credit market has reached a pivotal stage in its growth, with direct lending now matching the broadly syndicated loan market at $1.5-2 trillion in size and forecast to reach…
Considerations for U.S. Boards when Contemplating a Liability Management Transaction
The following is part of our annual publication Selected Issues for Boards of Directors in 2026. Explore all topics or download the PDF.
As liability management transactions (LMEs) become increasingly prevalent, directors are frequently called upon to evaluate these complex transactions. We outline key considerations for boards contemplating these transactions under Delaware law.…
Global IPO Market Trends: 2025 Review and 2026 Outlook
By Lesley Janzen, Synne D. Chapman, Eli Wallach, Sebastian R. Sperber, David I. Gottlieb, Chrishan Raja, Sarah E. Lewis, Frederic Martin, Alexis Raguet, Giuseppe Scassellati-Sforzolini, Alessandro Vicari, Insoo Park, Shuang Zhao, Biyuan Zhang, Freeman Chan, Mohamed Taha, Mike Taylor, Jorge U. Juantorena, Juan Giráldez, Manuel Silva, Jonathan Mendes de Oliveira, Ignacio Lagos & Jose Juan Vasquez Orendain
The following is part of our annual publication Selected Issues for Boards of Directors in 2026. Explore all topics or download the PDF.
Drawing on activity across the United States, Europe, East Asia, the Middle East and Latin America, we examine the market dynamics and complimentary regulatory and macro-economic settings that drove IPO volume and…
Alternative Assets in 401(k) Plans: What Boards Need to Know in 2026
The following is part of our annual publication Selected Issues for Boards of Directors in 2026. Explore all topics or download the PDF.
On August 7, 2025, the Trump administration issued an executive order titled “Democratizing Access to Alternative Assets for 401(k) Investors” (the Executive Order), marking a step toward facilitating greater inclusion of…
A Sea Change In Shareholder Litigation, or More Of The Same? What To Expect In 2026
The following is part of our annual publication Selected Issues for Boards of Directors in 2026. Explore all topics or download the PDF.
Two significant developments during 2025—one in Delaware corporate law and the other in federal securities law—could materially impact shareholder litigation in 2026 and beyond. In March 2025, following a number of…
Shareholder Engagement: Is the Power of Proxy Advisors and Institutional Investors Shifting?
The following is part of our annual publication Selected Issues for Boards of Directors in 2026. Explore all topics or download the PDF.
Proxy advisory firms—principally ISS and Glass Lewis—and large institutional investors, such as Blackrock, Vanguard, State Street and Fidelity, have long played a central role in shaping shareholder voting outcomes at U.S.…
Rethinking Compensation Disclosure
The following is part of our annual publication Selected Issues for Boards of Directors in 2026. Explore all topics or download the PDF.
A number of changes to executive compensation disclosure may occur in 2026, reflecting potential Securities and Exchange Commission (SEC) rulemaking previewed during a July 2025 roundtable discussion as well as separate…