Shareholders Rights Act of 1987

Shareholders Rights Act of 1987 - Amends the Securities Exchange Act of 1934 to repeal provisions concerning: (1) required reports by persons acquiring more than five percent of an issuer's securities; (2) the prohibition against purchases of securities in violation of regulations concerning fraudulent or manipulative practices; (3) required reports by institutional investment managers; and (4) required statements of equity security ownership by an owner of more than five percent of an issuer's securities.

Repeals provisions concerning: (1) tender offers by an owner of more than five percent of a class of securities of an issuer; (2) the prohibition against false statements of material fact or omissions of act with respect to a tender offer; and (3) the prohibition against the election or designation of a majority of directors of an issuer by the owner of more than five percent of a class of securities at other than a meeting of security holders.

Specifies that the repeal of such provisions shall not relieve any person from liability for failure to comply with such provisions at any time prior to the effective date of this Act.