The US media company CBS has lost an initial court battle amid a dispute with its biggest shareholder over control of the company. Deadline has learned that CBS Board Vice-Chair Redstone plans to attend the board meeting in person this afternoon.
But the judge's ruling on Thursday may nullify Redstone's recent action.
CBS will postpone its annual meeting, which was set for tomorrow, in the midst of the legal drama.
"By any reckoning, the dividend proposal is an extraordinary measure, presumably reflective of the depth of concern the independent members of the special committee have about Ms. Redstone's intentions, " Bouchard noted in his ruling.
The CBS board sought to prevent Redstone, whose company National Amusements owns controlling shares of CBS and Viacom, from forcing out members before Thursday night's vote on issuing a stock dividend.
CBS is the corporate parent of CBS News and CBS MoneyWatch. The court said the restraining order wasn't necessary because the company can legally challenge board maneuvers from Redstone.
Rallying this week as the company sought to assert its independence over its controlling shareholder, CBS' stock tumbled back to earth today after a DE judge denied the company's legal moves and the board is set to vote on a dilution measure that now is largely symbolic. Shortly before Wednesday's hearing, she changed the CBS bylaws to require a supermajority vote on matters like this.
In a statement, CBS vowed to continue its fight in court. "We could not agree more".
NAI was also happy with the ruling from DE, saying in its own statement, "The court's ruling today represents a vindication of National Amusements' right to protect its interests". "As we intend to demonstrate as the case proceeds, the actions of CBS and its special committee amount to a grievous breach of fiduciary duties and show no regard for the significant risk posed to CBS and its investors". After Thursday's court decision, it said: "We are pleased by the court's decision to deny CBS and its special committee's unprecedented motion to try to deprive a shareholder of its fundamental voting rights".
Assad tells Putin Russian investment in Syria growing
Putin believes time has come for rebuilding the Syrian economy and suggested Syrian President Bashar Assad to discuss these plans. Assad previously visited Russian Federation and met Mr Putin in November 2017 and October 2015.
Meanwhile, CBS has pledged that if the board approves the dividend, it would not issue any shares or cause the dividend to become effective without the judge's consent.
According to the lawsuit, the meeting will be used to consider whether or not to issue a special dividend to stockholders that would dilute National Amusement's voting shares in CBS from almost 80 percent to only 17 percent.
However, CBS said Redstone relaunched her efforts in January, causing Viacom's stock to soar while CBS's stock plummeted 28 percent from its 52-week high in April, representing a $7 billion loss in market capitalization for CBS's public investors. Moonves is suggesting that this is breach of fiduciary duty, but as we understand it, only an officer of the company can breach...
Although Delaware court Chancellor Andre Bouchard said in the ruling there was no legal precedent for granting CBS's request for a restraining order, he said the company could challenge National Amusements in court if it takes actions that could harm shareholders.
But Redstone's camp says she has no intent to "force" a merger.
"This is not a nuclear option", CBS attorney Ted Mirvis told Bouchard.
It's hard to see the two sides coming to a compromise.
From there, she texted her sister-in-law who was watching her kids: "OMG, there's tons of gunshots and people dead everywhere". It was the worst mass shooting in U.S history and until this week, the motivation behind Paddock's massacre remained unknown.
Originally from Nagrir, in Northern Egypt , Salah has been praised for his impact both on and off the pitch this season. A spokesperson for the museum said the display would begin next week, although the exact day was unconfirmed.
The White House said Wednesday morning it is not surprised North Korea is threating to call off next month's historic meeting. Bolton called the decision by North Korea to scrap meetings with South Korea "discouraging" and evidence of "old thinking".
Marí says she needs to take care of herself considering her ex has powerful friends like 50 backing him. Bloom said they'll file a police report later Thursday on behalf of Mari to go along with the suit.
Gardaí said that the body of a female had been discovered on the Clonee Road in Lucan in Dublin at approximately 1pm. Anyone with information on the case is urged to contact Lucan Garda Station at (01) 666 7300 or any Garda station.
Through April, BMW's global brand sales grew 2.5 per cent, while Mercedes' registrations surged 13 per cent. We can expect the final design to be similar in size and shape to an X5, in other words a mid-size SUV.
Morgan Securities plc is acting as sole financial adviser to iZettle, while Gernandt & Danielsson is acting as its legal adviser. Payment giant Paypal has announced that it is all set to acquire Stockholm-based Fintech startup iZettle for $2.2 billion.
Until now, the way to do that was to screenshot the other person's post and then share it on your profile as a Story. That would give Stories more prominence on the network - though not everyone is thrilled with their takeover .
It's the Central African nation's ninth Ebola outbreak since 1976 when scientists first identified the deadly virus. Symptoms include fever, vomiting, diarrhea, muscle pain and at times internal and external bleeding.
It's worth mentioning that this synopsis is incredibly similar to that of John Jackson Miller's 2013 novel, Kenobi . According to TMZ , the long-rumored Obi-Wan Kenobi solo film is getting closer to becoming a reality.
It's really hard when you're filming a reality show, and my sister and I were always the type of people who were open books. The Bella Twins also discussed Birdie Joe turning 1, what to expect on Total Bellas and more.
Soldier killed in Pak firing along IB in Jammu
BSF IG, Ram Awtar said they Indian forces are giving a befitting reply to Pakistan's unprovoked firing. In the ceasefire violation in RS Pora, a BSF constable was killed and 2 civilians were injured.
Elon Musk promises $1 tunnel rides at 240 kmph in LA
He added he has every intent of submitting to a full environmental study for the tunnel network as a whole when the time comes. It's a massive infrastructure project and not everyone is on board, but the company apparently found a new partner: LA Metro.
Sanctions on Iran and Venezuela May Empower US Rivals
The US dollar 's overwhelming position of dominance in the global financial system is one prominent example. The law was initially passed to prevent the U.S. blocking European Union companies from trading with Cuba.
Kings Draw Second Pick in NBA Lottery
If the pick goes to the Sixers, Boston gets the better 2019 first-rounder between Sacramento and Philly, protected for No. 1. If the Pistons hold onto this year's pick, it remains top-four protected until 2021, when it becomes unprotected.
Intel's Self-Driving Unit Wins Deal For 8 Million Cars
The logo of Israeli technology firm Mobileye is seen on the building hosting their headquarters in Jerusalem, May 15, 2018. Intel hopes to have self-driving vehicles on the road by 2021 in partnership with vehicle manufacturers.
Tusk: the Western Balkans should be EU
EU Council President Donald Tusk said the bloc would invest in infrastructure connections with the Balkans to boost development and bring them up to EU standards.
Microsoft Releases Xbox One Update for May
Improved Family settings: You now have a central hub to manage how your family members access content on the Xbox One . This will also allow players to start Mixer broadcasts from anywhere on Xbox One , making streaming easier than ever.