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Sovereign Investors Blast Move By State Legislature

Law360 (February 2, 2006, 12:00 AM EST) -- In a secretive overnight vote, Pennsylvania legislators have rushed through a bill that makes a deep dent in shareholders' campaign to block Sovereign Bankcorp.'s three-way deal with a Spanish bank and a New York thrift.

The Pennsylvania House and Senate on Wednesday approved the bill, which is now awaiting the signature of Gov. Ed Rendell.

One of the proposed changes would make it harder for shareholders of Pennsylvania companies to remove directors without cause. Another would weaken an anti-takeover law that had the potential to interfere...
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