Eastern’s holders OKd anti-takeover measures.
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The amendments to Eastern Airlines’ certificate of incorporation reduces the possibility of takeover attempts by providing for a board of directors with staggered three-year terms. Under the changes, directors may only be removed for cause by a majority of the voting stock, and they give the board the authority to determine the number of directors. The amendments also increase to 80%from 75%the voting stock required to approve certain mergers, consolidations, changes of bylaws or other actions. The Miami-based carrier said 86%of its stockholders voted in favor of the measures.
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