NATION AND WORLD
University Daily Kansan, April 23, 1985
Page 11
CBS refuses offer, files suit
By United Press International
NEW YORK - CBS Inc.'s board of directors yesterday "firmly and unanimously" rejected Ted Turner's $5.5 billion hostile takeover offer and filed suit against the Atlanta cable entrepreneur on grounds that he violated state and federal securities laws.
CBS also said it was not considering a merger or stock recapitalization plan to fight off the Turner bid.
A spokesman for the network said the board determined that the Turner tender offer was "grossly inadequate to meet the interests of GCS and its shareholders."
The CBS board had been expected to recommend that shareholders turn down Turner's bid for at least 67 percent of the network's stock, for a package of debt and securities he obtained through private financing. Street analysis contend Turner's no-cash offer is worth only between $150 and $165 a share.
CBS STOCK WAS up $3 to $110 a
share in active trading at midsession on the New York Stock Exchange yesterday.
CBS filed suit in U.S. District Court in Manhattan, charging that Turner and his Turner Broadcasting Systems Inc. — the 24-hour cable news network based in Atlanta — had breached federal and state securities laws in statements made before the announcement of the takeover bid.
Turner unveiled on Friday his long-awaited offer to acquire CRS.
There was no immediate comment from Turner on the CBS actions.
CBS also claimed in its suit that Turner's registration statement with the Securities and Exchange Commission for the offer "contains violations of securities laws and omissions in violation of federal and state securities laws."
THE LAWSUIT contended that Turner's effort to seize control of CBS violated federal antitrust law.
Last week Turner filed suit against CBS in New York and four other states, challenging the state's takeover laws in a move to prevent
regulatory review from delaying his bid.
CBS also said in a filing with the SEC that "no negotiations are under way or are being undertaken by the company" on a merger, reorganization, a transfer or purchases of assets or other moves to defend the network against the Turner takeover bid.
In Washington, Senate Budget Committee Chairman Pete Domenici proposed a moratorium on hostile corporate takeovers financed by "junk bonds" - a method similar to the one being used by Turner in his bid for CBS.
Domenici, R.N.M., said he would introduce legislation Tuesday that would bar use of the financing tool until Congress could review its effect on the economy.
A Domenici aide said the bill, if approved, probably would impede Turner's CBS bid, although he stressed the legislation had been in the drafting process for a long time and not been intended to involve CBS.
By United Press International
High court to hear new cases
WASHINGTON — The Supreme Court agreed yesterday to decide whether attorneys trying to put together a favorable jury can get rid of potential jurors because of their race.
Most courts give lawyers a chance to dismiss some members of a jury pool without having to give a reason to the judge. The legal term is peremptory challenge, and in some cases, lawyers
The justices will hear arguments next term to determine the constitutionality of the practice in a case brought by convicted Kentucky burglar James Batson, who is black.
Batson, now serving a 20-year sentence for the September 1981 burglary at the home of Henrietta Spencer of Louisville, said his right to an impartial jury was
- defense attorneys and prosecutors alike - use the option to affect the racial makeup of a jury
violated when the prosecutor eliminated four blacks from the jury pool, leaving an all-white jury.
ALSO YESTERDAY, the Supreme Court agreed to consider whether an accomplice to murder can be sentenced to die. In the case, Mississippi is appealing a lower court decision throwing out the death sentence of Crawford Bullock.
In a 1982 ruling, the Supreme Court banned imposition of the death penalty on a defendant who participates in a felony during which a murder occurs, but does not take part in the killing.
Bullock was convicted in the 1978 murder of Mark Dickson, who had offered him and Ricky Tucker a ride home from a Jackson saloon. Bullock's conviction was reversed by the 5th U.S. Circuit Court of Appeals because instructions to the jury improperly allowed the death penalty if the defendant took part in the crime.
In other actions, the justices:
-●left intact a lower court ruling that the First Amendment right to free speech prevented the city of Burbank, Calif., from banning rock n' roll concerts from a public amphitheater.
-Let stand a $75,000 libel verdict against the Rome News-Tribune of Georgia for a story reporting a prison official's alleged threat to kill a county official.
- Rejected author Jackie Collins' bid to obtain damages from an adult magazine that inaccurately said on the cover that it contained photos of her "in the nude."
In the jury selection case, the court is returning to an issue that has divided the criminal justice world for two decades, since it ruled in Swain vs. Alabama that a defendant does not prohibit race-based use of the peremptory challenge.
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