The Nation - News from April 28, 1987
Reps. John D. Dingell (D-Mich.), chairman of the House Energy and Commerce Committee, and Edward J. Markey (D-Mass.) introduced a bill that would put curbs on corporate takeovers. The bill would require disclosure within 24 hours after a speculator buying stock of a takeover target hits the 5% mark. It also would forbid a raider from acquiring more stock for two days after filing. The bill would forbid “greenmail,” a company repurchasing its stock from a raider at a premium price, and “golden parachutes,” lavish severance benefits for managers who could lose their jobs in a takeover.
Get the L.A. Times Politics newsletter
Deeply reported insights into legislation, politics and policy from Sacramento, Washington and beyond. In your inbox three times per week.
You may occasionally receive promotional content from the Los Angeles Times.
