A 'Sad Day' at Sovereign

The odds might have just turned prohibitive for dissidents trying to force management change at Sovereign Bancorp(SOV Quote).

The bank, which last night agreed to modifications of its $2.4 billion equity sale to Spain's Banco Santander, now has the blessing of the New York Stock Exchange for a transaction that also includes the acquisition of Independence Community Bank(ICBC Quote).

In stripping out some of the deal's most odious provisions, Sovereign not only kept the Big Board's regulators from interfering, it made it more difficult for angry shareholders to force out top brass. ...