Corporate Takeover and Insider Abuse Reform Act of 1987

[AI summary unavailable — showing source text] Corporate Takeover and Insider Abuse Reform Act of 1987 - Amends the Securities Exchange Act of 1934 to decrease from five percent to 2.5 percent the amount of securities acquired in a corporation which triggers public disclosure by the purchasers. Reduces from ten days to one day the time in which public disclosure must be filed with the issuer, appropriate securities exchanges, and the Securities and Exchange Commission (Commission). Requires the purchaser to cease acquiring additional shares of such securities for two business days. Requires such disclosure to include: (1) the names and background of any other parties with whom the purchase was discussed; (2) a summary of the financing of the stock purchases and plans to repay such financing; and (3) the amount of fees paid in connection with the securities purchase. Requires that any material changes in facts relating to a statement of disclosure must be filed no later than the next business day following such change. Specifies that the acquisition of an additional one percent of securities shall be deemed a material change requiring disclosure. Revises the definition of a "group" required to make such a disclosure to include t…