Three Ropes Used to Pull Companies Onto the Stock Market. All Three Were Cut.
Microsoft, Google and Facebook didn’t all go public because they wanted to. A 1964 shareholder rule forced their hand. Part two of From the Filings traces how a 1996 law, the 2012 JOBS Act and repeatable tender offers cut the three ropes that once pulled young companies onto the stock market, and why IPOs now arrive in a company’s teens.
