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While the above-mentioned final legal effect of an offer or exchange of shares is the same as the vote of such shares at a meeting of shareholders, the dynamics of an offer to exchange or acquire differ fundamentally from a discreet vote at a meeting or signature and consent. From the buyer`s point of view, to really parallel a force the vote requirement, a Force the Offer mechanic would have to formulate a clear referendum on the offer itself. Under SEC rules, offers must first be open for at least 20 business days and an additional 5 business days after a substantial change in an offer. Under these SEC rules, the parties to the two-tier merger generally provide for the initial 20 business day deadline for submission, followed by a right of delay by the buyer to extend the bidding deadline by a few shorter periods until the end of the merger agreement.