The recent changes in the Take-Over Bid Disclosure Act by the General Assembly in its 1978 session are essentially a return to the shorter time limit requirements that existed prior to the 1977 amendment to the Virginia Code. As before, the offeror company which is contemplating a take-over of another corporation's stock [hereinafter referred to as the target corporation] must file with the State Corporation Commission [hereinafter referred to as SCC] and with the registered agent of the target corporation a statement which contains all information required by § 13.1-531(b). This filing must be made twenty days prior to such a bid instead of sixty days as previously required. Under the 1977 Code, after receipt ofthis statement, the SCC or target corporation had thirty days in which to order or request a hearing. This has now been reduced to ten days. The subsequent hearing will have to begin within forty days instead of the sixty allowed under the 1977 Code. Furthermore, the new provision requires a decision in the SCC hearing to be made within twenty-five days from the conclusion of the hearing and the filing of post hearing briefs. This last provision is a new addition and will prevent unnecessary delay that could hinder the offeror from making its stock purchase.
Elliott H. DeJarnette,
Take-Over Bid Disclosure Act,
U. Rich. L. Rev.
Available at: https://scholarship.richmond.edu/lawreview/vol12/iss4/9