What fresh hell is this?
PARAMOUNT GLOBAL SHARES RISE 4% PREMARKET AFTER APEX CAPITAL TRUST SUBMITS COMPETING BID OF UP TO $43 BLN FOR CO
The press release somewhat answers that question, while also raising others:
In the after-market hours on July 12, 2024, Apex Capital Trust, a conglomerate of financial institutions and financial services providers, submitted a competing offer to purchase Paramount Global shares (“Paramount”). The economic terms of the competing offer submitted by Apex include an all-cash offer with a total commitment of up to $43 Billion.
The offer was sent to National Amusements, Inc. (“NAI”) and to an investment firm retained by the Special Committee of Paramount’s Board on an exclusive basis to facilitate the “go-shop” provision of Paramount’s agreement with Skydance. Under the “go-shop” provision, Paramount has until August 21, 2024, to identify and evaluate competing offers that could be superior to Skydance’s deal.
Apex says it has “also committed to infusing approximately $10 Billion into Paramount’s working capital post-closing for purposes of implementing its business plan for Paramount designed to achieve the following strategic goals” (our emphasis):