P.M. Briefing : Paramount Attacks Time Elections
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NEW YORK — Paramount today added an amendment to a lawsuit it filed in Delaware Chancery Court earlier this month that asks the court to nullify the elections of J. Richard Munro, Time’s chairman and chief executive, and Nicholas J. Nicholas Jr., its president, as directors of Time.
The 49-page document also asks the court to void the election of two other Time directors. In addition, Paramount said it is seeking a preliminary injunction to halt Time’s bid for Warner Communications.
“Paramount Communications is alleging a deliberate persistent pattern of entrenchment moves by management, which shuts out the owners of Time--its shareholders,” a Paramount spokesman said today.
Paramount has bid $175 a share for Time, which rejected the offer and said it would continue to pursue a merger with Warner.
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