Florida Takeover Law: Control-Share Acquisitions

Under Florida\u27s new control-share acquisition law, a shareholder\u27s right to vote will be determined in certain circumstances by a vote of the other shareholders. Merrs. [sic] Rasmussen and Fuller contend that the commerce clause precludes the law\u27s interference with interstate commerce, that the law might be preempted by the Williams Act, and that the law\u27s validity is questionable on other constitutional grounds. The authors also suggest answers to the may questions they raise regarding ambiguities in the law, and offer advice for both potential targets and stock acquirers on how to comply with the law