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Ohio Revised Code

Ohio Rev. Code § 1707.042 (2026)

Prohibited acts relating to control bids

✓ current as of May 2026
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Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
PDF:
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(A) No person who makes or opposes a control bid to offerees in this state shall knowingly do any of the following:

(1) Make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;

(2) Engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any such offeree;

(3) Engage in any manipulative act or practice.

(B) Any person who makes or opposes a control bid to offerees in this state, or who realizes any profit which inures to and is recoverable by a corporation, formed in this state, pursuant to section 1707.043 of the Revised Code, is conclusively presumed to have designated the secretary of state as its agent for the service of process in any action or proceeding under this chapter. Upon receipt of any such process, together with an affidavit showing the last known address of the person who made or opposed the control bid or who realized such profit, the secretary of state shall forthwith give notice of the service of process. This section does not affect any right to serve process in any other manner permitted by law.

(C) Any person who makes or opposes a control bid is subject to the liabilities and penalties applicable to a seller, and an offeree is entitled to the remedies applicable to a purchaser, as set forth in sections 1707.41 to 1707.50 of the Revised Code.

(D) In case any provision or application of any provision of this section is for any reason held to be illegal or invalid, such illegality or invalidity shall not affect any legal and valid provision or application of this section.

Last updated August 9, 2023 at 2:53 PM

Notes of Decisions
Cited in 4 cases, 1986–2020 · leading case: Fleet Aerospace Corp. v. Holderman, 637 F. Supp. 742 (S.D. Ohio 1986).
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Fleet Aerospace Corp. v. Holderman, 637 F. Supp. 742 (S.D. Ohio 1986). · cites it 24× “042 Plaintiff moves for a preliminary injunction enjoining the state defendants and defendant Aeronca from enforcing the provisions of Ohio Rev.Code § 1707.042, 3 which is an anti-fraud provision relating to control bids.”
Barton v. Cuyahoga Cty, 2020 Ohio 6994 (Ohio Ct. App. 2020). · cites it 2× “32 of the Revised Code or who conspired or allegedly conspired to violate that section, except that the pattern of corrupt activity alleged by an injured person or person threatened with injury shall include at least one incident other than a violation of division (A)(1) or (2)…”
Baker v. Pfeifer, 940 F. Supp. 1168 (S.D. Ohio 1996). · cites it 2× “34(B) states that the pattern of corrupt activity alleged by an injured person or person threatened with injury shall include at least one incident other than a violation of division (A)(1) or (2) of section 1707.042 [1707.04.2] or division (B), (C)(4), (D), (E), or (F) of…”
CRTF Corp. v. Federated Dep't Stores, 679 F. Supp. 731 (S.D. Ohio 1988). “041 and § 1707.042. II. OPINION The issue before the Court confronts the problem of the constitutionality of an act of the General Assembly of Ohio dealing with a filing requirement with the division of securities and a right of hearing thereon.”
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