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Skydance Media’s latest offer for Paramount Global (NASDAQ:PARA) gives an option for a certain number of nonvoting Paramount shares to be purchased for about $15 each.
The offer also gives shareholders the option to roll into the new deal, according to media reports from the Wall Street Journal and Bloomberg on Sunday. The $15 a share offer represents a 26% premium from Paramount’s (PARA) Friday close.
Under the proposed deal, Skydance and its backers, including RedBird Capital, would contribute funds to purchase National Amusements and add cash into Paramount’s balance sheet, according to the reports.
Paramount’s (PARA) special committee recommended the offer from Skydance on Friday, according to media reports at the time. The decision to take the offer or reject now mainly remains with Shari Redstone, who controls 77% of the voting stock.
Paramount (PARA) is scheduled to hold its annual meeting on Tuesday.
In recent weeks, Redstone has received interest from at least two parties interested in buying all or parts of National Amusements, the WSJ said on Friday. Steven Paul, a Hollywood producer, has been lining up financing for a bid for National Amusements of around $3 billion, people familiar told the WSJ. At least one other investor group has also expressed interest in purchasing National Amusements.
Apollo Global (APO) and Sony Group (SONY) also made a non-binding offer for Paramount Global (PARA) though reports in recent weeks have indicated that Sony’s interest may have waned.
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