The Pennsylvania Takeover Disclosure Law of 1976[PDF] is a law that governs the disclosure of information between corporations and their shareholders during a takeover bid. This law requires the target company to disclose information about the offer, the bidder, the impact of the takeover, and potential conflicts of interest to its shareholders. It also requires the bidder to disclose any plans for the target company and any related financing. The law establishes a 90-day waiting period before the bidder can obtain control of the target company and requires that the bidder make a tender offer to all shareholders. The law also requires that the bidder make a filing with the Pennsylvania Securities Commission. There are four types of Pennsylvania Takeover Disclosure Law of 1976[PDF]: 1) The Target Company Disclosure Rule, which requires target companies to provide shareholders with information regarding the offer, the bidder, the impact of the takeover, and potential conflicts of interest; 2) The Bidder Disclosure Rule, which requires bidders to provide information about their plans for the target company and any related financing; 3) The Tender Offer Rule, which requires bidders to make a tender offer for the target company’s shares; and 4) The Filing Rule, which requires bidders to file with the Pennsylvania Securities Commission.