MCA deal gets legal boost

December 29, 1990|By Los Angeles Times

LOS ANGELES -- The final legal barriers to Matsushita Electric Industrial Co.'s landmark purchase of MCA Inc. fell yesterday, clearing the way for the completion of the $6.59 billion deal.

U.S. District Judge Manuel L. Real in Los Angeles denied a summary judgment motion sought by MCA shareholder Lawrence Epstein and others. Mr. Epstein had charged that a preferred stock payment given to MCA Chairman Lew R. Wasserman was unfair to the entertainment company's common stockholders, but Judge Real ruled that there was insufficient cause to grant an injunction.

In a separate case, U.S. Supreme Court Justice Antonin Scalia rejected Go-Video Inc.'s request for an emergency injunction against the MCA sale. The Arizona-based company had sought to postpone the deal until its antitrust claim could be heard.

MCA stock closed yesterday at 69 1/8 , up 5/8 , in heavy New York Stock Exchange trading.

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