H.R.2514 - Hostile Foreign Takeover Moratorium Act100th Congress (1987-1988)
|Sponsor:||Rep. Coble, Howard [R-NC-6] (Introduced 05/27/1987)|
|Committees:||House - Energy and Commerce|
|Latest Action:||House - 06/08/1987 Referred to Subcommittee on Telecommunications and Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.2514 — 100th Congress (1987-1988)All Information (Except Text)
Introduced in House (05/27/1987)
Hostile Foreign Takeover Moratorium Act - Makes congressional findings concerning the financing of corporate takeovers and the resulting loss of jobs and dislocations to local and regional economies and to the national economy.
Amends the Securities Exchange Act of 1934 to place a six-month moratorium on tender offers for any equity securities by any foreign person if any part of the consideration to be paid: (1) is cash, unless the person has cash or cash equivalents equal to the aggregate amount of such cash consideration; or (2) is to be financed by means of a loan, borrowing, or the issuance of debt securities.
Provides that such moratorium shall not apply if the acceptance of such offer has been recommended and approved by the directors of the person to be acquired.
Authorizes the Securities and Exchange Commission to enforce the provisions of this Act.