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January 6, 1989 | From States News Service
Capital Cities/ABC Inc., New York, has acquired the equivalent of a 14.3% stake in Satellite Music Network Inc., Dallas, and has made a $5.40-a-share acquisition offer to Satellite's board. According to a filing with the Securities and Exchange Commission, Capital Cities made an oral bid to Satellite's board and said it has no present intention to make a tender offer if the board rejects its $5.40-a-share offer. Capital Cities bought 230,000 common shares between Oct. 17 and Dec.
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BUSINESS
January 6, 1989 | From States News Service
Capital Cities/ABC Inc., New York, has acquired the equivalent of a 14.3% stake in Satellite Music Network Inc., Dallas, and has made a $5.40-a-share acquisition offer to Satellite's board. According to a filing with the Securities and Exchange Commission, Capital Cities made an oral bid to Satellite's board and said it has no present intention to make a tender offer if the board rejects its $5.40-a-share offer. Capital Cities bought 230,000 common shares between Oct. 17 and Dec.
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