Wall Street noted that [Marvin Davis] still hasn't put down a formal bid. Lorimar stock rose only 3/8 to $13. ``If people were taking this seriously, Lorimar would have moved up considerably. The bottom line is, it hasn't,'' said Morgan Stanley & Co. analyst John Tinker. Lorimar is allowed to back out if Warner's stock value does not bring Lorimar shareholders at least $15 per share, a condition met if Warner's stock price averages $36 1/8 a share. If Lorimar cancels, it must pay Warner $10 million, and if Lorimar is acquired by a third party, Warner has the right to buy an 18.5% stake at $15 a share.
Full text: USA TODAY (pre-1997 Fulltext), May 13, 1988
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