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Chase Manhattan is seeking anti-takeover rules.

March 20, 1986

The big New York bank became the first major U.S. bank to ask shareholders for protection from hostile takeover bids. The proposed rules, contained in proxy material mailed to shareholders this week, included staggered board terms and a fair-price provision, common anti-takeover measures. A spokesman said he was not aware of any potential suitors or unusual stock accumulation. Separately, Chase sold its Visa Travelers Cheque operation to Barclays Bank PLC of England.

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