The battle to acquire Paramount Global has taken another twist with reports a special committee set up by the company is planning to recommend Skydance Media’s latest offer.
According to reports, the special committee was set up to represent shareholder interests. It is said to have approved Skydance’s latest bid, which offers a better deal to Paramount’s Class B shareholders.
Paramount’s board is expected to vote on the Skydance deal on Tuesday (June 4th) as part of the company’s annual meeting.
That’s despite Paramount currently being in exclusive talks with Sony/Apollo Management.
The Wall Street Journal reports Skydance’s latest offer would see it acquire a certain number of non-voting Paramount shares at $15 each.
However, according to the New York Times, the deal could hit a snag over who would be liable should Paramount’s investors sue to stop the merger.
A number of shareholders have said they are against the Skydance deal as they believe it would “enrich” Shari Redstone, owner of Paramount’s biggest shareholder National Amusements, at their expense, adds the report.
