European Stars And Stripes (Newspaper) - April 24, 1985, Darmstadt, Hesse                                April 1985 the stars and stripes Page 7 lbs Board rejects Turner buyout bid new York a lbs Board of directors unanimously rejected Ted Turners hostile multimillion Dollar bid for the company on calling it grossly lbs said it had sent a fou Page letter to stockholders them to ignore Turners bid for their the network said its financial Morgan Stanley decided the proposal was financially the network also said that in Light of a number of pejorative statements by Turner about various religious and ethnic his proposal would undermine the networks Broad acceptance by the american it did not specify what those pejorative statements Alex a spokesman for Turner broadcasting sys tem in said Cess reaction was no Swan refused to answer questions and referred them to another company Arthur who later said he had no lbs said in a filing with the securities and Exchange commission that it does not in response to Turners a merger or reorganization a Transfer or Sale of a substantial amount of assets a tender offer or acquisition of Cess or another company Stock or any change in the capitalization or dividend policy of the in its first comment on the merits of Turners lbs issued a terse statement saying the directors called the offer grossly inadequate and detrimental to the interests of lbs and its also lbs filed a counterclaim to a Turner lawsuit in Federal court in charging Turner with violating state and Federal securities Turner is offering a package of Bonds and notes in his Turner broadcasting system for each of Cess million shares he is offering no Cash and said he has no partners in the he valued the package of securities at a which would make the whole Deal Worth about Bil but Wall Street analysts generally valued the pack age at Between and a Turner said his package of securities would pay an annual dividend of a compared with the a share paid by Cess Stock closed monday at a up on the new York Stock Turners announcement said the offer was conditioned on his obtaining 67 percent of Cess the networks filing which counters a suit Turner filed last week in support of his charges the broadcasting magnate with violating securities Laws through statements he made before his it also claims that his registration statement with the Sec contains numerous material misstatements and omis in the action claims Turners attempt to gain control of lbs violates Federal antitrust Turner said that if his bid he would take control of the Board and then merge his company with with the same terms offered to the shareholders who had not tendered their he also said he would sell Cess no broadcast its radio stations and its Philadelphia television in Washington on the Federal communications commission opened a 30day period for Public com ment on Turners new York financier Ivan said he had sold about half of his percent stake in lbs on the open he had been the largest single stockholder in William who built up the company and is still a is again the biggest holding a percent a photo make Way a member of a protest group that was nearly were demonstrating attempting to Block a Gate at the White against latin America eco House monday is moved out of the Way nomic policies and support for the by a police officer after she refused to government of South convict frees hostage after 11 hours a an inmate seized a female employee of the Over crowded Norfolk state prison monday and held her hostage for nearly 11 hours before releasing her the 37yearold inmate released the civilian employee shortly before 11 said Joseph a correction department there were no reported injuries to the woman or to the individual holding said he  identify the woman or the except to say that the inmate was serving a 13to 25year sen tence on an armed assault he refused to discuss details of the Inci when the woman was seized about All other inmates were locked in their cells in the medium Security the prison has a population of prisoners in space built for said Gail a correction department the incident occurred five Days after about 60 inmates got into a fight with five guards at the maximum Security prison at nearby two inmates and several guards were lava flows close to Hawaii houses Hawaii a Kilauea Volcano spewed lava As High As sending a flow of molten Rock within half a mile of a housing before the eruption stopped monday scientists the 14hour the latest in a 27 month series of sent lava toward the Royal gardens subdivision at Kalapa but there were no said Reggie assistant scientist in charge of the geological surveys vol Cano a 21hour outburst on March 14 produced a slowly moving River of lava that prompted officials to evacuate five families from Royal no houses were dam in previous phases of the lava swept Over 16 residences and causing million in president Giamatti announces his resignation new up Yale University president Bartlett hailed for his fiscal expertise but sharply criticized during bitter labor has announced his resignation from the Ivy league the effective june gives an eight member search committee of the Yale corporation 15 months to find a Succes a scholar who taught italian and comparative literature before being chosen in 1977 As the University 19th told a monday news conference he plans to take a year off after leaving the he said he decided to leave the presidency a year but postponed action follow ing a year wracked by labor some White Collar workers charging eco nomic discrimination against minorities and women went on strike in the fall following months of unsuccessful Blu Collar workers honoured the closing Down dining leaving trash uncool scores of classes were forced off Cam pus when professors honoured the picket agreements were finally reached in Jan uary after Giamatti office was deluged with letters from faculty and Alum Many of whom donated Money to the strike fund instead of Yale alumni Giamatti was named president following the resignation of Kingman who went on to become ambassador to the court of Brewster is now with a Law firm that has offices in Richardson a senior fellow of the Yale corporation which governs the said the search committee has in Giamatti a marvelous Model for selecting a the process will be chaired by former Secretary of state Cyrus a Yale graduate of Giamatti strengthened the University finances and improved its physical Plant and ties with the Dilworth in november 1981 following four years with Giamatti As Yale reported for the first time in 10 years it had operated without an annual and despite in its endowment reached what was then a record a Boston red sox Giamatti said jokingly when he took office the Only presidency he Ever aspired to was the presidency of the american Dod getting paying much report says Washington a the tril lion approved for the defense department during president reagans first term in of fice bought less military punch than might have been in part because of Ris ing costs for complicated new the congressional budget office the released attempted to assess what h4s been accomplished with the largest peacetime United Stato defense budgets since world War it said Indica tors suggest there have been improvements in ail aspects of military capability since 1980 with the degree of improvement often reflecting the priority accorded by the it also said except for Navy in creases in the numbers of forces have been relatively modest through it said equipment paid for but not yet delivered will permit further expansion Over the next five but expansion will in most cases still be reflecting the lower priority the administration has placed on Force expand the report the report said that although purchases of modern equipment went ahead at a fast the number of weapons purchased in reagans first term was not always significantly higher than in the Jimmy Carter despite much higher procurement this reflects changes in the mix of weapons weapons of greater sophistication and higher Cost were purchased instead of cheaper ones and unanticipated growth in unit the report the actual costs for certain major weapons systems ranged from 9 percent to 64 percent higher than anticipated during the report