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WESTINGHOUSE TRIES TO GET DEAL DONE BEFORE BIDDING BEGINS
Published July 21, 1995
Officials from Westinghouse and CBS are meeting this morning "to negotiate the terms of a formal takeover offer that Westinghouse hopes to make for CBS within the next several weeks," according to today's N.Y. TIMES. Geraldine Fabrikant notes that some "key issues remain unresolved," including price and the speed at which the transfer could win FCC approval. Westinghouse "wants to avoid a bidding war," but there is "speculation that another bidder might emerge." Seagram's was said to be considering swapping its 15% stake in Time Warner for Time Warner's holdings in Turner Broadcasting (N.Y. TIMES, 7/21). The N.Y. POST notes rumors that Ted Turner and TCI's John Malone are said to be teaming, while Seagram's/MCA head Edgar Bronfman, Barry Diller and Disney's Michael Eisner are also mentioned as possible bidders (Greg Clarkin, N.Y. POST, 7/21). The FINANCIAL TIMES reports that Westinghouse is seeking an "agreed bid" in order to "shut out" any rival bidders (Richard Waters, FINANCIAL TIMES, 7/21). The WALL STREET JOURNAL profiles Westinghouse CEO Michael Jordan, whose "frustration" in reviving the company led to a decision on a "new course" (Raju Narisetti, WALL STREET JOURNAL, 7/21).