TITLE

New Pa. Law Works In Sovereign's Favor

AUTHOR(S)
Rieker, Matthias
PUB. DATE
February 2006
SOURCE
American Banker;2/14/2006, Vol. 171 Issue 30, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article focuses on Sovereign Bancorp Inc.'s fight against activist shareholders with help from the state of Pennsylvania. A bill Pennsylvania Governor Edward G. Rendell signed into law Friday shields members of a company's board of directors from attempts by shareholders to remove them without cause. Relational Investors LLC and Franklin Mutual Advisers LLC, Sovereign's largest shareholders, had urged the governor not to sign the bill, which passed the Pennsylvania Senate in a late-night vote without debate.
ACCESSION #
19792647

 

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