Wisconsin Schedule 14D-9 is a document that provides a detailed description and analysis of a solicitation or recommendation statement in the context of a tender offer for securities in the state of Wisconsin. This schedule is filed by the target company or its board of directors to inform its shareholders and potential investors about the terms and conditions of a tender offer, and to provide their recommendation regarding the offer. The Wisconsin Schedule 14D-9 typically includes crucial information related to the tender offer, such as the background of the offer, the parties involved, the purpose and goals of the offer, the terms and conditions, and any potential conflicts of interest among the parties. This document also discloses any significant financial information or valuation analyses of the target company, aiming to assist shareholders in evaluating the offer and making an informed decision. In Wisconsin, there are various types of Schedule 14D-9 documents that may be filed depending on the specific context and circumstances of the tender offer. These can include: 1. Traditional Solicitation Statement: This type of Schedule 14D-9 is filed when the target company is actively soliciting or recommending its shareholders to accept or reject a tender offer. 2. Response to an Unsolicited Tender Offer: If a target company receives an unsolicited tender offer, it may file a Schedule 14D-9 as a response to the offer. This document includes the board's analysis and recommendation on how shareholders should respond to the offer. 3. Recommendation Statement with a Defensive Strategy: In certain situations, the target company may adopt a defensive strategy to thwart a hostile takeover bid. In this case, the Schedule 14D-9 will outline the company's recommended actions and defenses to protect shareholder interests. 4. No-Action Letter Requests: Sometimes, if a target company believes that a tender offer is not compliant with applicable securities laws, it may file a Schedule 14D-9 to request a no-action letter from the Securities and Exchange Commission (SEC). This letter would indicate that the SEC will not take any enforcement action against the company if it follows its proposed course of action regarding the tender offer. Overall, the Wisconsin Schedule 14D-9 plays a crucial role in providing information and recommendations to shareholders during the tender offer process. It enables shareholders to make informed decisions and ensures transparency in the transaction.