Tuesday, October 03, 2023 7:19:19 PM
Real World Example
On Dec. 22, 2015, Marriott International filed a Form S-4 describing its proposed combination with Starwood Hotel & Resorts Worldwide. The 192-page document, excluding appendices, contains complete details of the proposed transaction, which eventually closed on Sept. 23, 2016. For investors, in addition to the pro-forma figures and valuation numbers of the transaction, perhaps the most interesting sections of the filing are the reasons given by each company for the combination and the timeline of the deal and how and when the deal came together.
What Is SEC Form S-4?
SEC Form S-4: Registration Statement Under the Securities Act of 1933 must be submitted to the Securities and Exchange Commission (SEC) in the event of a merger or an acquisition between two companies. The form must also be submitted for exchange offers.
Form S-4 has two parts. Part I is the prospectus or proxy statement involved. Part II contains supplemental information that can include expenses issued, private placements of securities, and additional tax information.
Understanding Form S-4
A publicly-traded company registering any material information related to a merger or acquisition or companies undergoing an exchange offer will file Form S-4. An exchange offer occurs when a company or a financial institution offers to exchange securities that it provides for similar securities at less demanding terms. This is often done in an attempt to avoid bankruptcy.
Investors closely watch Form S-4 submissions in order to attempt to make quick gains from M&A activity, and can download a company's S-4 directly from the SEC.
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