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TELVEST v. BRADSHAW

No. 82-1882.

697 F.2d 576 (1983)

TELVEST, INC., a Delaware Corporation, Appellee, v. Junie L. BRADSHAW, Thomas P. Harwood, Preston C. Shannon, Commissioners of the Virginia State Corporation Commission; Lewis W. Brothers, Jr., Director, Division of Securities and Retail Franchising; American Furniture Company, Appellants.

United States Court of Appeals, Fourth Circuit.

Decided January 6, 1983.

Attorney(s) appearing for the Case

James E. Farnham, Richmond, Va. (Robert P. Buford, K. Dennis Sisk, Hunton & Williams, Joel H. Peck, Donald G. Owens, Associate Gen. Counsel, State Corp. Com'n, Richmond, Va., on brief), for appellants.

F. Claiborne Johnston, Jr., Richmond, Va. (Anthony F. Troy, M. Scott Hart, Mays, Valentine, Davenport & Moore, Richmond, Va., Nathan H. Dardick, Dardick & Hadwin, Chicago, Ill., on brief), for appellee.

Before WINTER, Chief Judge, CHAPMAN, Circuit Judge, and BUTZNER, Senior Circuit Judge.

HARRISON L. WINTER, Chief Judge:

American Furniture Company, Incorporated (American), the apparent target of a so-called "creeping tender offer"1 which was initiated by open market purchases, and Junie L. Bradshaw, et al., the officials who enforce Virginia's Take-Over-Bid Disclosure Act, appeal from a declaratory decree adjudging Virginia's Take-Over Bid Disclosure Act, Va.Code § 13.1-529(b)(iii), unconstitutional and permanently...

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