The Delaware State Bar Association has proposed legislation amending the merger provisions of Section 251 of the Delaware General Corporation Law to create a new merger procedure. The new merger procedure would permit merger agreements to eliminate the need for a stockholder meeting to approve a second-step merger following a tender offer, provided the acquirer purchased a sufficient number of shares pursuant to the tender offer to approve the merger. Absent a higher threshold contained in the target company's certificate of incorporation, the tender offer would need to result in the acquisition of at least a majority of the outstanding target company's shares. Currently, a stockholder vote approving a merger is required unless the tender offer resulted in the acquisition of at least 90% of the target company's shares. If enacted, the new merger procedure would become effective on August 1, 2013.