SEC Delays Takeover Ruling

The Securities and Exchange Commission today delayed action on a proposal that would have required corporate takeover forces to make their tender offers available to all shareholders.

The commission said it wanted further public comment on the proposal. The stockholder issue flashed onto the financial stage when it was successfully used last year by Unocal Corp. to fend off a takeover attempt by T. Boone Pickens, chairman of the board of Mesa Petroleum Co.