Talks Go Through Holiday in Japanese Effort to Buy MCA

Representatives of Matsushita Electric Industrial Co. and MCA Inc. reversed an earlier plan to take a holiday break, and bargained through Thanksgiving in New York without reaching an agreement under which the Japanese company would buy MCA.

Individuals close to the bargaining have said that Matsushita has offered in the area of $70 a share, but that MCA is holding out for at least $75 a share.

Creative Artists Agency Chairman Michael Ovitz, a top Matsushita representative, did not attend Thursday’s negotiations. A spokesman said he was in Los Angeles with his family and would return to New York when needed.

MCA Chairman Lew R. Wasserman apparently remained in New York through the holiday. Further meetings are expected today, and may go through the weekend.

Spokesmen for both sides declined to comment on the talks, but people familiar with the discussions said the two sides almost reached an impasse Wednesday night before some changes in position allowed the discussions to continue.