Holy war under way in pursuit of Nostalgia

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.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More TV News from Variety

Loading