Lorimar Telepictures sent a letter to dissident...

Lorimar Telepictures sent a letter to dissident shareholder Marvin Davis, reproving the wealthy oilman for his “recent public relations effort” during the past three weeks while Lorimar has been discussing a possible business combination with Warner Communications. Lorimar said it is still talking to Warner, but its board “has not made a determination as to whether any business combination with Warner or anyone else would be in the best interest of Lorimar Telepictures and its stockholders.” Davis has sent three letters to Lorimar offering $17 per share for the company if he can examine Lorimar’s books to determine that the financial data supports his conditional offer; the full text of the last Davis letter was released to the press. In its response, Lorimar called Davis’s action “counterproductive and inconsistent with the interests of all stockholders.”