Onasill - Bill Badzo
Paramount has the right to seek and evaluate alternative purchase offers as part of the merger agreement within 45 days. On Wednesday, the deadline was extended until Sept. 5 after receiving a bid from billionaire Edgar Bronfman Jr., former CEO of Warner Music Group, who is acting on behalf of a consortium of investors.
Skydance stated that Paramount did not have the right as Bronfman did not provide superior terms.
The letter stated that Skydance is choosing not to end the transaction agreement at this time, but is keeping that option open for later.
According to sources cited by WSJ, Bronfman originally proposed $4.3 billion for National Amusements Inc. parent Paramount and a minority share in Paramount. However, he later increased the offer to $6 billion.
source: wsj.com
Skydance stated that Paramount did not have the right as Bronfman did not provide superior terms.
The letter stated that Skydance is choosing not to end the transaction agreement at this time, but is keeping that option open for later.
According to sources cited by WSJ, Bronfman originally proposed $4.3 billion for National Amusements Inc. parent Paramount and a minority share in Paramount. However, he later increased the offer to $6 billion.
source: wsj.com
