Corporate Productivity Act of 1985

Summary

Corporate Productivity Act of 1985 - Amends the Securities Exchange Act of 1934 to require the approval by a majority of a company's independent directors or by two-thirds of the company's shareholders of an acquisition of company securities or a tender offer by any person: (1) seeking control of such company; or (2) who would own 15 percent of more of the voting shares of the company if the acquisition were consummated. Requires a person seeking the shareholders' approval after having a tender offer rejected by a company's independent directors to disclose to such shareholders any plans for changes in the company and a detailed analysis of the effect the acquisition will have on the company, its employees, and the communities in which it conducts substantial activities.

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Timeline

1. 20 March 1985

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 20 March 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 20 March 1985

  Open at official source

Sponsors

• Sen. Proxmire, William [D-WI] · D · Sponsor
• · ssbk00 · Standing

Related records

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