A bill to amend the Clayton Act to temporarily prohibit certain involuntary acquisitions of persons engaged in commerce or in any activity affecting commerce and to establish an advisory commission to study the effects of voluntary and involuntary mergers.

Amends the Clayton Act to temporarily prohibit any person engaged in commerce or in any activity affecting commerce from obtaining control of another such person through the acquisition of share capital if: (1) the target person has issued outstanding voting stock which is publicly traded; and (2) a majority (at least two) of the outside members of the board of directors of the target person disapproves such acquisition.

Establishes the Advisory Commission on corporate mergers to study the long term and short term effects of merger activity involving corporations the stock of which is publicly traded, including potential positive and negative effects of mergers that occur without the consent of the management of the target corporation. Directs the Commission to report its findings to the President and the Congress within one year. Terminates the Commission 30 days after the submission of its final report. Authorizes appropriations.