A bill to amend the Securities Exchange Act of 1934 to improve the protection of the public interest and of investors in corporate take-overs.

[AI summary unavailable — showing source text] Amends the Securities Exchange Act of 1934 to allow the Securities and Exchange Commission by order summarily to suspend the effectiveness of an offer for, or request or invitation for tenders of, a security (a tender offer) if the Commission determines that the required statement filed does not contain all the necessary information or that such information provided to offerees does not provide full disclosure of all material information concerning the tender offer. Requires the Commission to schedule a hearing with respect to each suspension. Prohibits any offeror from making a tender offer for or acquiring any equity securities at any time when any commission proceeding is pending against the offeror alleging a violation of this Act or of the Securities Act of 1933. Prohibits any offeror from acquiring, removing or exercising control over any assets of the issuer pursuant to a tender offer for such securities at any time when any such a Commission proceeding is pending. Prohibits any offeror from acquiring any equity securities of any class of an issuer within two years following the last purchase pursuant to a tender offer for securities of that class unless the holders of the e…