Securities and Exchange Commission v. Carter Hawley Hale Stores, Inc.

SKOPIL, Circuit Judge:

The issue in this case arises out of an attempt by The Limited (“Limited”), an Ohio corporation, to take over Carter Hawley Hale Stores, Inc. (“CHH”), a publicly-held Los Angeles corporation. The SEC commenced the present action for injunctive relief to restrain CHH from repurchasing its own stock in an attempt to defeat the Limited takeover attempt without complying with the tender offer regulations. The district court concluded CHH’s repurchase program was not a tender offer. The SEC appeals from the district court’s denial of its motion for a preliminary injunction.…