Dukakis Signs ‘Norton’ Bill: Massachusetts Gov. Michael...

Dukakis Signs ‘Norton’ Bill: Massachusetts Gov. Michael S. Dukakis signed into law a bill that requires companies in the state to stagger the election of board members over three years, blocking, at least temporarily, a takeover bid for Worcester-based ceramics and plastics maker Norton Co. The law, said to be the nation’s toughest anti-takeover legislation, is aimed at slowing a $1.64-billion hostile takeover of Norton by Britain’s BTR PLC, which is waging a proxy fight for control of Norton’s board. Boards can at any time opt out of the rule, which took effect immediately on all publicly traded Massachusetts corporations. Norton chairman John Nelson said the law would give embattled takeover targets needed time to weigh their options.