Introduced by Sen. Gerald Van Woerkom (R) on February 25, 2010
To rewrite the rules for corporate acquisitions so as to raise obstacles to the acquisition of a controlling interest in the Fremont Insurance Company (which is located in the district of the bill sponsor) by the Indianapolis-based Steak and Shake Corporation. Specifically, the bill would require a two-thirds supermajority of shareholders to vote in favor of the sale if the current board of directors opposes being taken over, but only for a "domestic (Michigan-based) insurer with 200 employees or fewer". Official Text and Analysis.
Referred to the Senate Economic Development and Regulatory Reform Committee on February 25, 2010
Reported in the Senate on March 23, 2010
With the recommendation that the substitute (S-3) be adopted and that the bill then pass.
Substitute offered in the Senate on March 23, 2010
To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote in the Senate on March 23, 2010