QVC-Paramount hearing set
A Delaware court yesterday set a Nov. 16 hearing on QVC Network Inc.'s lawsuit to overturn Paramount Communications Inc.'s takeover defenses. But experts said the battle would be decided in the marketplace, not the courtroom.
They said it was highly unlikely that the court would act any time soon to lift the defenses. And unless home shopping channel QVC soon tops Viacom's $10 billion bid, the battle for the entertainment giant might be decided without court action.
Dun & Bradstreet to cut jobs
Dun & Bradstreet Corp., a leading supplier of business information that includes the Moody's bond rating company and the Nielsen television service, said yesterday it will cut several thousand jobs over the next two years.
The company said the reductions were in response to the weak global economy and would be made through attrition and possible layoffs.
Dun & Bradstreet has 52,000 employees worldwide.
Medical firm rejects buyout offer
Medical Care America Inc.'s board of directors yesterday rejected Surgical Care Affiliates' buyout offer valued at about $950 million and is seeking other options, including other bids.
Medical Care's senior vice president, Jonathan Bond, would say only that the unsolicited proposal from Nashville-based Surgical Care, the nation's second-largest outpatient surgery company, was not in the best interest of the company or its stockholders.
Herman's wants to close stores
Herman's Sporting Goods Inc., of Carteret, N.J., said yesterday that it would ask the federal bankruptcy judge who is overseeing the chain's Chapter 11 reorganization to let it close up to 28 stores, including one in Maryland, in early 1994.
The company said the stores were either outside its core markets along the Boston-to-Washington corridor or have failed to meet its expectations. The sole Maryland store slated to close is in College Park.
Home Federal posts profit
Home Federal Corp. in Hagerstown said yesterday that it posted a third-quarter profit from continuing operations, aided by a decline in problem assets.
The savings and loan holding company posted third-quarter profit from continuing operations of $199,321, or 11 cents a share, compared with a loss from continuing operations of $684,753, or 51 cents, a year earlier.