Circling each other warily, always on the lookout for decisive openings, Time Inc. and Paramount Communications engaged in a fresh round of legal and financial swordplay last week. No clear winner emerged in the epic duel, but the thrusts and parries offered Wall Street speculators plenty of titillation -- and uncertainty. Time's board started off by rejecting Paramount's sweetened takeover bid, in which the company raised its offer for Time from $175 to $200 a share, or a total of more than $12 billion. The Time directors reiterated their plan to go ahead with an acquisition of Warner Communications for as...
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