"The answer, I think, is that Rule 14e-3 is not about protecting investors from informational disadvantages. It's about protecting companies from tender offers. The "warehousing" problem is not that some people might sell to Pershing Square at too low a price and then be sad. It's that Pershing Square might acquire a lot of shares and then tender them in the offer, making Allergan's management sad."
'via Blog this'