(a) Delivery of information statement.--An acquiring person may deliver to the registered corporation at its principal executive office an information statement which shall contain all of the following:
(1) The identity of the acquiring person and the identity of each affiliate and associate of the acquiring person.
(2) A statement that the information statement is being provided under this section.
(3) The number and class or series of voting shares and of any other security of the corporation beneficially owned, directly or indirectly, prior to the control-share acquisition and at the time of the filing of this statement by the acquiring person.
(4) The number and class or series of voting shares of the corporation acquired or proposed to be acquired pursuant to the control-share acquisition by the acquiring person and specification of the following ranges of votes that the acquiring person could cast or direct the casting of relative to all the votes that would be entitled to be cast in an election of directors of the corporation that the acquiring person in good faith believes would result from consummation of the control-share acquisition:
(i) At least 20% but less than 33 1/3%.
(ii) At least 33 1/3% but less than 50%.
(iii) 50% or more.
(5) The terms of the control-share acquisition or proposed control-share acquisition, including:
(i) The source of moneys or other consideration and the material terms of the financial arrangements for the control-share acquisition and the plans of the acquiring person for meeting its debt-service and repayment obligations with respect to any such financing.
(ii) A statement identifying any pension fund of the acquiring person or of the corporation which is a source or proposed source of money or other consideration for the control-share acquisition, proposed control-share acquisition or the acquisition of any control shares and the amount of such money or other consideration which has been or is proposed to be used, directly or indirectly, in the financing of such acquisition.
(6) Plans or proposals of the acquiring person with regard to the corporation, including plans or proposals under consideration to:
(i) Enter into a business combination or combinations involving the corporation.
(ii) Liquidate or dissolve the corporation.
(iii) Permanently or temporarily shut down any plant, facility or establishment, or substantial part thereof, of the corporation, or sell any such plant, facility or establishment, or substantial part thereof, to any other person.
(iv) Otherwise sell all or a material part of the assets of, or merge, consolidate, divide or exchange the shares of the corporation to or with any other person.
(v) Transfer a material portion of the work, operations or business activities of any plant, facility or establishment of the corporation to a different location or to a plant, facility or establishment owned, as of the date the information statement is delivered, by any other person.
(vi) Change materially the management or policies of employment of the corporation or the policies of the corporation with respect to labor relations matters, including, but not limited to, the recognition of or negotiations with any labor organization representing employees of the corporation and the administration of collective bargaining agreements between the corporation and any such organization.
(vii) Change materially the charitable or community involvement or contributions or policies, programs or practices relating thereto of the corporation.
(viii) Change materially the relationship with suppliers or customers of, or the communities in which there are operations of, the corporation.
(ix) Make any other material change in the business, corporate structure, management or personnel of the corporation.
(7) The funding or other provisions the acquiring person intends to make with respect to all retiree insurance and employee benefit plan obligations.
(8) Any other facts that would be substantially likely to affect the decision of a shareholder with respect to voting on the control-share acquisition pursuant to section 2564 (relating to voting rights of shares acquired in a control-share acquisition).
(b) Amendment of information statement.--If any material change occurs in the facts set forth in the information statement, including any material increase or decrease in the number of voting shares of the corporation acquired or proposed to be acquired by the acquiring person, the acquiring person shall promptly deliver, to the corporation at its principal executive office, an amendment to the information statement fully explaining such material change.
(Dec. 19, 1990, P.L.834, No.198, eff. imd.)
1990 Amendment. Act 198 renumbered section 2565 to section 2566 and renumbered former section 2566 to section 2567 and amended subsec. (a)(8).
Cross References. Section 2566 is referred to in section 2565 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 25 - Registered Corporations
Section 2501 - Application and effect of chapter
Section 2502 - Registered corporation status
Section 2503 - Acquisition of registered corporation status
Section 2504 - Termination of registered corporation status
Section 2511 - Financial reports to shareholders
Section 2512 - Dissenters rights procedure
Section 2513 - Disparate treatment of certain persons
Section 2521 - Call of special meetings of shareholders
Section 2522 - Adjournment or postponement of meeting of shareholders
Section 2523 - Quorum at shareholder meetings
Section 2524 - Consent of shareholders in lieu of meeting
Section 2525 - Appointment of custodian
Section 2526 - Voting rights of directors
Section 2527 - Authority of board of directors
Section 2528 - Notice of shareholder meetings
Section 2530 - Qualifications of directors
Section 2535 - Proposal of amendment to articles
Section 2536 - Application by director for involuntary dissolution
Section 2537 - Dissenters rights in asset transfers
Section 2538 - Approval of transactions with interested shareholders
Section 2539 - Adoption of plan of merger by board of directors
Section 2541 - Application and effect of subchapter
Section 2543 - Controlling person or group
Section 2544 - Right of shareholders to receive payment for shares
Section 2545 - Notice to shareholders
Section 2546 - Shareholder demand for fair value
Section 2547 - Valuation procedures
Section 2548 - Coordination with control transaction
Section 2551 - Application and effect of subchapter
Section 2553 - Interested shareholder
Section 2554 - Business combination
Section 2555 - Requirements relating to certain business combinations
Section 2556 - Certain minimum conditions
Section 2561 - Application and effect of subchapter
Section 2563 - Acquiring person safe harbor
Section 2564 - Voting rights of shares acquired in a control-share acquisition
Section 2565 - Procedure for establishing voting rights of control shares
Section 2566 - Information statement of acquiring person
Section 2568 - Board determinations
Section 2571 - Application and effect of subchapter
Section 2572 - Policy and purpose
Section 2574 - Controlling person or group safe harbor
Section 2575 - Ownership by corporation of profits resulting from certain transactions
Section 2576 - Enforcement actions
Section 2582 - Severance compensation
Section 2583 - Enforcement and remedies
Section 2585 - Application and effect of subchapter
Section 2587 - Labor contracts preserved in business combination transactions