A bill to amend the Securities Act of 1933 to provide certain persons with procedures for applying to the Securities and Exchange Commission.

Summary

Provides, under the Securities Exchange Act, that any person: (1) who is the owner of an equity security, as defined under the Act, (2) who fails to respond to or refuses a tender offer for such security and the tender offerors succeed in gaining majority control of the corporation whose equity security is involved in the tender offer, and (3) who, as a result of the tender offer, finds that there is no active market in such security other than transactions with persons who were principals in the tender offer; may apply to the Securities and Exchange Commission for an order that one or more of the principals of the tender offer give such person an amount equal to the book value of such securities. Provides that such person may not apply for such offer if, at the time of the tender offer, he owned more than 1 percent of the outstanding securities, or the value of his securities at the tender offer price was greater than $10,000.

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Documents

1 official file

• Introduced in House

  summary · EN · 5 February 1973

  Open at official source

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