Revised Skydance offer would let Paramount shareholders cash out at $15/shr, WSJ reports(Reuters) -Skydance Media last week revised its offer for Paramount Global to buy up to a certain number of non-voting Paramount shares at $15 each, the Wall Street Journal reported on Sunday citing people familiar with the matter. A special committee of Paramount’s board agreed to recommend a deal with Skydance Media after its sweetened offer last week, the Wall Street Journal separately reported on Friday. Skydance submitted a sweetened offer for its proposed merger with Paramount which is said to offer improved terms for both voting and non-voting Paramount shareholders, and provides more cash, a source told Reuters on Thursday. National Amusements, the parent company of Paramount, wants Skydance to provide legal protection in the event of a lawsuit, the New York Times reported on Sunday. Paramount declined to comment on the WSJ and NYT reports while Skydance did not immediately respond to Reuters requests for comment.

Source: Wall Street Journal June 02, 2024 20:54 UTC