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Judge Cancels Computer Sciences Hearing

California: News and Insight on Business in the Golden
State | THE STATE / TECHNOLOGY

March 13, 1998|Bloomberg News

A federal judge vacated a hearing scheduled for Monday to consider whether Computer Sciences Corp.'s bylaw changes had illegally blocked Computer Associates International Inc.'s $9.8-billion takeover offer. Computer Associates, the third-largest independent software company, said March 5 that it would let its $108-a-share takeover bid expire March 16, the same day it had been scheduled to appear in court in Las Vegas. CA said it decided to let its bid expire because a protracted battle to acquire El Segundo-based CSC would likely harm both companies. Islandia, N.Y.-based CA had accused CSC of stripping shareholders of the right to decide on the CA bid when CSC raised the percentage of shares needed to change the company's bylaws and board. A CSC shareholder had filed a motion asking the U.S. District Court of Nevada to maintain the court date.

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