Paramount Extends Go-Shop Period As Edgar Bronfman Ups Bid
deadline.comThis just in: the Paramount special committee has extended the go-shop period as Edgar Bronfman Jr. has raised his bid for the entertainment conglom to $6 billion.
Deadline has confirmed the news. Bronfman’s originally submitted a $4.3 billion offere on Monday night. The difference in before and after is $1.7 billion to cash out some of Paramount’s other shareholders, who mostly hold Class B nonvoting stock, at $16 a share.
That’s higher than the $15 Skydance offered, but Skydance has offered to buy more, up to $4.5 billion worth. Bronfman’s bid includes the $400M kill fee which Skydance stipulated should Paramount opt to go with another suitor.
The first go-shop period ends tonight at 11:59PM ET. Paramount is allowed to have two 15-day 15-day extensions. If Paramount did not extend the go-shop today, and rejected Bronfman’s bid, the next bullet point in this ongoing conglom takeover would be for the Skydance merger to proceed with government regulatory procedures.
Read more on deadline.com