CBS Gets TRO in Shareholder Fight

May 17, 2018

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A Delaware judge has granted CBS a temporary restraining order in a dispute with its majority shareholder over control of the company.

WBOC reports that the judge barred National Amusements from taking any action that would undermine a scheduled board vote on a dividend proposal that would reduce its voting power from 80 percent down to 17 percent.

National Amusements had argued that it had rewritten the CBS bylaws forcing a supermajority vote to dilute dividends.

CBS has been battling National Amusements efforts to force a merger with Viacom which is controlled by National Amusements.