Westinghouse Board Meets but Stays Mum on CBS Deal

Westinghouse Electric Corp.’s board met Wednesday amid speculation that a $5-billion bid for CBS Inc. was imminent, but the company refused to say whether any action was taken.

“It’s a continuing intrigue,” said Kemp Fuller Jr., an independent analyst. “Nothing is done until it’s done.”

Observers had speculated that the 11-member board, gathered at company headquarters in Pittsburgh for its regular meeting, would at least discuss the company’s efforts to finance a bid for CBS.

When the company postponed a conference call to discuss second-quarter earnings with analysts Tuesday and rescheduled it for Wednesday afternoon, some wondered if a deal was about to materialize.

But the company refused to discuss CBS in the conference call and wouldn’t say what happened at the daylong meeting, except to report the approval of a regular 5-cent quarterly dividend and the election of a new board member.

Chief Financial Officer Fred Reynolds discussed the earnings, which were released Tuesday, and then returned to the board meeting after 15 minutes.

Many believe a bid for the network is inevitable. Greg Drahuschak, an analyst with Janney Montgomery Scott, said Wall Street is eager to see the financing terms and Westinghouse’s plans for CBS.