Paramount agreed to merge with Skydance last month, but the company said it would have a 45-day “go shop” period to solicit other offers.
Paramount's special committee on Wednesday said it would extend by 15 days an agreed-upon"go shop" period of its merger agreement with Skydance as it reviews a competing offer from Edgar Bronfman Jr.
The Skydance buying consortium, which also includes private equity firms RedBird Capital Partners and KKR, agreed to invest more than $8 billion into Paramount and to acquire National Amusements.Bronfman initially offered $4.3 billion for Shari Redstone's National Amusements, the controlling shareholder of Paramount, according to a person familiar with the bid.
"As a result, the 'go shop' period is extended for the Bronfman Consortium until September 5, 2024, pursuant to the transaction agreement to which the Company remains subject," the."There can be no assurance this process will result in a Superior Proposal. The Company does not intend to disclose further developments unless and until it determines such disclosure is appropriate or is otherwise required.
As part of the Skydance deal, Paramount's class A shareholders would receive $23 apiece in cash or stock, and class B shareholders would receive $15 per share, equating to a cash consideration totaling $4.5 billion available to public shareholders. Skydance also agreed to inject $1.5 billion of capital into Paramount's balance sheet.
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