NEW YORK — Paramount Communications Inc. Chairman Martin S. Davis today sent a letter to Time Inc.'s board asking for information that could lead Paramount to boost it's $10.7-billion hostile bid for Time.
Time directors have not yet responded to the unsolicited $175-a-share cash offer, launched just 16 days before shareholders were scheduled to vote on an earlier merger pact between Time and Warner Communications Inc.
In his letter, Davis pressed for a meeting with Time to discuss his company's offer. "At any such meeting, we would . . . be prepared to review any non-public information which you believe could justify a higher price than we have offered," Davis said.