1. An SEC rule that prohibits a public offering by the issuer of shares to some, but not all, of the holders of a class of shares.
2. An SEC rule requiring a tender offeror to make its offer to all the target company’s shareholders. [Cases: Securities Regulation 52.30–52.50. C.J.S. Securities Regulation §§ 121–122, 127–128, 131–138, 140–141.]