Investment firm Apex Capital Trust said Wednesday it had submitted a competing proposal to acquire Paramount Global for up to $43 billion in an all-cash deal.
Paramount has a 45-day “go-shop” period during which it can secure new deals following its merger deal with David Ellison’s Skydance Media.
Paramount and National Amusements did not immediately respond to Reuters requests for comment.
Apex, the financial holding and investment company owned by David Baker, announced that it has offered to acquire all of National Amusements, the company owned by Shari Redstone’s family, which controls Paramount.
The company is offering its Class A voting shares at $35 per share, which it says represents a 33% premium to the stock’s 52-week high.
Rival bidders are also offering $23.28 per share for Paramount’s non-voting Class B shares, a 33 percent premium.
Apex assumed Paramount’s $15.8 billion in debt and announced it would pay Skydance a $400 million penalty.
The company said it would inject $10 billion in working capital into the media company to execute its business plans.
“Paramount and its assets are national treasures and we intend to treat them accordingly,” Apex Trust general counsel Tatiana Logan said in a statement.
