QVC NETWORK, INC., Plaintiff,
v.
PARAMOUNT COMMUNICATIONS INC., Viacom Inc., Martin S. Davis, Grace J. Fippinger, Irving R. Fischer, Benjamin L. Hooks, Franz J. Lutolf, James A. Pattison, Irwin Schloss, Samuel J. Silberman, Lawrence M. Small, and George Weissman, Defendants.
In re PARAMOUNT COMMUNICATIONS INC. SHAREHOLDERS LITIGATION.
Court of Chancery of Delaware, New Castle County.https://leagle.com/images/logo.png
Submitted: November 21, 1993.
Decided: November 24, 1993.
Revised: November 26, 1993 and December 7, 1993.
Attorney(s) appearing for the Case
Bruce M. Stargatt, David C. McBride, Josy W. Ingersoll, and Bruce L. Silverstein, of Young, Conaway, Stargatt & Taylor, Wilmington, and Herbert M. Wachtell (argued), Michael W. Schwartz, Theodore N. Mirvis, Paul K. Rowe, and George T. Conway III, of Wachtell, Lipton, Rosen & Katz, New York City, for plaintiff QVC Network, Inc.
Irving Morris, Karen L. Morris, and Abraham Rappaport, of Morris & Morris, Pamela S. Tikellis, Carolyn D. Mack, and Cynthia A. Calder, of Chimicles, Burt & Jacobsen, Joseph A. Rosenthal and Norman M. Monhait, of Rosenthal, Monhait, Gross & Goddess, P.A., Wilmington, Arthur N. Abbey (argued) and Mark C. Gardy, of Abbey & Ellis, Daniel W. Krasner and Jeffrey G. Smith, of Wolf, Haldenstein, Adler, Freeman & Herz, New York City, for Shareholder plaintiffs.
Charles F. Richards, Jr., Thomas A. Beck, and Anne C. Foster, of Richards, Layton & Finger, Wilmington, and Barry R. Ostrager (argued), Michael J. Chepiga, Robert F. Cusumano, Mary Kay Vyskocil, and Peter C. Thomas, of Simpson, Thacher & Bartlett, New York City, for defendants Paramount Communications, Inc., and individual defendants.
A. Gilchrist Sparks, III, Lawrence A. Hamermesh, and William M. Lafferty, of Morris, Nichols, Arsht & Tunnell, Wilmington, and Stuart J. Baskin (argued), Jeremy G. Epstein, Alan S. Goudiss, and Seth J. Lapidow, of Shearman & Sterling, New York City, for defendant Viacom Inc.
Court of Chancery of Delaware, New Castle County.
MEMORANDUM OPINION
JACOBS, Vice Chancellor.
QVC Network, Inc. ("QVC") and a class of public shareholders of Paramount Communications, Inc. ("Paramount"), separately filed actions in this Court seeking preliminary and permanent injunctive relief against a proposed two-step acquisition of Paramount by Viacom Inc. ("Viacom"). The first step, a cash-tender offer by Viacom for 51% of Paramount's outstanding shares for $85 per share, is currently scheduled...
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