A bill to regulate takeovers got mixed reactions.

Securities Industry Assn. Chairman John Bachmann told the Senate Banking Committee that the SIA supports reducing the time for disclosure of a purchase of 5% or more of a company’s stock to one day from 10 days but does not think the disclosure requirement should be reduced to 3% from 5%, as the bill would do. Robert Greenhill, representing the Capital Markets Group of First Boston Corp., Goldman, Sachs & Co. and Morgan Stanley & Co., said: “The bill restricts all tender offers in ways which appear to abandon the principle of neutrality and decisively tip the balance in favor of the incumbent managers of our nation’s publicly held corporations to the ultimate detriment of investors.”