![]() The board also postponed an annual shareholders meeting scheduled for Friday, citing the corporate intrigue and legal wrangling.ĭelaware Chancery Court judge Andre Bouchard said CBS failed to show it would suffer "irreparable" harm if its petition were denied. "The company believes that the written consents delivered by NAI purporting to amend the company's bylaws are neither valid nor effective," a board statement said. The CBS board of directors went through with the vote, unanimously declaring a dividend that, if endorsed by the courts and issued, would dilute NAI's voting interest to 20 percent from 79 percent, according to a release. "NAI yesterday exercised its legal right to amend the company's bylaws to require a supermajority vote on certain board actions with respect to dividends, effective immediately." "CBS management and the special committee cannot wish away the reality that CBS has a controlling shareholder," NAI said in a statement. It also could clear the way for CBS to reunite with Viacom, although the Redstones' National Amusements Inc (NAI) holding firm has said it is not seeking to force a tie-up.ĬBS had sought to block any effort by Redstone and NAI to meddle with the board ahead of a planned meeting where it was to consider a measure to dilute her voting shares. ![]() The decision allows Shari Redstone - daughter of media empire builder Sumner Redstone - to keep tight control over the television and media group, with the power to replace its board. Shari Redstone won the first round Thursday of a messy legal battle for control of CBS Corp, but the media group said the fight is not over yet.Ī Delaware judge rejected a petition from the CBS board of directors to block the Redstone family's holding company from interfering with the evaluation of any merger deal.
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