Paramount’s Pro Crypto Bidder Deletes Press Release After Announcing $43B Acquisition
NAIROBI (CoinChapter.com) — Apex Capital Trust has made a $43 billion bid to acquire Paramount Global, the parent company of CBS and MTV. The offer was presented to National Amusements Inc., which controls Paramount, and a special committee of directors. Apex, which has interests in banking, cryptocurrency, and credit card processing, aims to leverage Paramount’s financial situation and strategic restructuring.
Interestingly, the original press release regarding Apex Capital Trust’s bid has disappeared, with the page now showing “Page Not Found” at the time of writing. This deletion adds a layer of intrigue to the unfolding corporate drama.
Apex Capital Trust’s Diverse Interests
Apex Capital Trust’s bid comes during Paramount Global’s 45-day “go-shop” period, allowing the company to entertain offers other than the one from Skydance Media. With three weeks remaining, the timing of Apex’s offer adds a new dimension to the ongoing merger talks.
Skydance CEO David Ellison initially offered $2.5 billion for National Amusements, which holds the Redstone family’s controlling stake in Paramount. However, he later reduced the valuation to $4.75 billion from $5 billion, reallocating funds to provide more cash for nonvoting shareholders. Sources familiar with the matter noted that Shari Redstone, Paramount’s controlling shareholder, was displeased with this revaluation.
Apex’s proposal has been sent to both National Amusements Inc. and a special committee of Paramount directors. This bid indicates Apex’s intent to capitalize on the opportunity created by the dissatisfaction with Skydance’s reduced offer.
Massive Investment Plans for Paramount’s Future
Apex Capital Trust’s $43 billion bid for Paramount Global includes covering Skydance’s $400 million breakup fee, assuming $15.8 billion of Paramount’s debt, and committing $10 billion to strategic investments in content, technology, AI, and global expansion.
Hollywood producer Steven Paul is also lobbying for consideration over Skydance. Despite the competition, Apex remains confident. Tatiana Logan, Apex’s General Counsel, emphasized the firm’s efficiency and expertise, presenting their offer as superior.
Paramount’s board and special committee have yet to comment. Shares fell 1.6% on Tuesday amid the merger talks.
Shares of Paramount Global Class B closed up 1.6% on July 31 at $11.42 per share. After hours, the stock was down 0.53%, trading at $11.36.
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