CBS postponed an annual shareholder meeting scheduled for Friday ... for later Thursday on a dividend that would dilute National Amusement's preferred stock voting power from 80 percent to 17 percent, effectively giving CBS independence.
CBS is under control of National Amusements Inc. (NAI), which is owned by Shari Redstone, who serves as president, and her family. The share dilution reduces …
The deal has been seen as both salvation and albatross, depending on which stock you own. Shari Redstone, the controlling shareholder of both companies, hopes …
Shares of CBS were down about 1 percent at $53.90 in midday trading on the …
Chancellor Andre Bouchard granted CBS a temporary restraining order prohibiting National Amusements Inc. from taking any action to thwart a scheduled Thursday board vote on a dividend that would dilute National Amusement's preferred …
... be a tall task for CBS to show that Redstone violated her fiduciary …
NAI already owns 79.6% of CBS' voting stock. NAI, which also owns 79.8% of voting stock of Viacom, has been pushing the two companies to merge. The day before, …
... rata dividend of 0.5687 shares of Class A stock for each share of Class A and Class B stock held. That's pending a final determination by Delaware courts. CBS will postpone its annual meeting, which was set for tomorrow, in the midst of …
The judge declined to opine on CBS’s contention, vigorously disputed by NAI, that the company’s certificate of incorporation authorizes the board to approve a stock dividend that would dilute NAI’s voting power.