Skydance Urges Paramount To Spurn Edgar Bronfman-Led Offer
deadline.comSkydance Media is urging Paramount Global to stop considering a proposal by an investor group led by Edgar Bronfman Jr. to buy control of the company, threatening to withdraw its own merger offer.
In a letter from its lawyers on Thursday, Skydance told the committee of Paramount’s board of directors formed to steer the M&A process that it had breached the terms of a merger agreement the two companies announced last month.
The deal includes a “go-shop” provision allowing the committee to pursue a potentially “superior” offer. It did so by entertaining the Bronfman-led bid and then extending the go-shop by 15 days, through September 15.
It was originally scheduled to expire on Wednesday night. Skydance contends that Bronfman’s bid, which would see the media veteran and Seagram heir as well as nearly two dozen backers put in about $6 billion, is inherently not superior to Skydance’s proposal.
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