Rule 10b-4 of The Securities and Exchange Commission, also known as "the short tendering rule," might be described as one of the best kept secrets in securities regulation. Although it has been in effect for more than three years, very few attorneys or brokers know anything about it or have even heard of it.
Larry A. Oday,
Short Tendering Rule in the Sale of Securities,
21 Clev. St. L. Rev.
available at https://engagedscholarship.csuohio.edu/clevstlrev/vol21/iss1/10