In a growing battle of finger-pointing, Concept Communications Inc. accused Intl. Family Entertainment Inc. of subverting the bidding process for Nostalgia Network Inc.
The charges mirror similar allegations made Thursday by IFE, controlled by televangelist Pat Robertson.
Concept, which has ties to Rev. Sun Myung Moon, accused IFE Friday of offering a large Nostalgia shareholder a premium for its stock above IFE’s $ 2 -a-share tender offer for the company.
“We have some substantial concerns that the other side, not Concept, are making inappropriate actions,” said Arthur Cirulnick, a Concept lawyer. “They are trying to steal the company and neutralize my client.”
Like IFE, Concept sent a letter of its concerns to a lawyer representing a committee of Nostalgia directors considering a possible sale. And like IFE, Nostalgia would disclose neither the letter nor the names of the shareholders it believes were contacted.
IFE declined to comment.
Only a day earlier, IFE accused Concept of soliciting shares from a large shareholder as part of a bid to take control of the company in the open market. The problem is that Concept controls half of Nostalgia’s board, and its Nostalgia directors voted to pursue selling the company in order to maximize shareholder value. Taking control of the company through open market purchases, thus sidestepping a bidding war, could subvert that effort.