Apex Capital Trust has submitted a competing offer to acquire Paramount Global in an all-cash deal for up to $43 billion, the investment firm announced Wednesday.
Paramount has a 45-day “go-shop” period following the merger deal with David Ellison’s Skydance Media, during which it can receive another deal.
Paramount and National Amusements did not immediately respond to Reuters requests for comment.
Apex, a holding company and financial investor owned by David Baker, said it has offered to buy all of the shares of National Amusements, the Shari Redstone family company that owns a majority stake in Paramount.
It offered $35 per share for the Class A voting stock, which it said represents a 33% premium to the stock’s 52-week high.
The rival bidder is also offering $23.28 per share for Paramount’s Class B non-voting shares, a 33% premium.
Apex said it would assume Paramount’s $15.8 billion debt and pay the $400 million without a breakup fee to Skydance.
The group said it would inject $10 billion in working capital into the media company to enable it to carry out its business plan.
“Paramount and its assets are a national treasure, and we intend to treat them accordingly,” Tatiana Logan, general counsel of Apex Trust, said in a statement.
