Corporate Protection Vetoed
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ALBANY, N.Y. — Gov. Mario Cuomo vetoed a bill today that would have given New York companies powerful new defenses against corporate raiders, saying the measure was too far-reaching and might be unconstitutional.
Assemblyman G. Oliver Kopell, a chief sponsor of the legislation, said he would make no effort to round up a two-thirds majority in the Assembly to override the governor’s veto. The corporate takeover bill was designed to cover companies incorporated in New York with at least 15% of their stock owned by New Yorkers and with significant ties to New York.
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