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Indiana Law May Shield Skyline in Takeover Bid

2014-10-01 18:21:34| Mobile Homes - Topix.net

A 28-year-old Indiana law could shield Elkhart, Ind.-based based Skyline Corp. from competitor Cavco Industries Inc.'s takeover attempt. As reported by the Elkhart Truth , the state's Control Shares Acquisition Statute, enacted in 1986, prohibits a company that acquires 20%, 33 1/3% or 50% of a target corporation's stock from obtaining voting rights in the company's affairs unless a majority of non-interested shareholders - meaning everyone other than management and the raider - vote to grant those rights.

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