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Paramount Stock Has Down Day As Edgar Bronfman’s Exit Dashes Hopes Of Bidding War
Shares of Paramount Global are softer today after Edgar Bronfman Jr. exited the Paramount fray last night and shareholders hoping for a bidding war with Skydance were disappointed.
At the end of the day, time ran out, said a person familiar with situation of the former media executive and heir to the Seagram liquor fortune and the investor consortium he assembled. Gabelli, the biggest non-Redstone holder of Paramount Class A shares, has lodged a request for internal Par-Skydance deal documents in Delaware Chancery Court although not started litigation. “Bronfman’s offer had pluses and minuses,” said one investor acknowledging that a merged Paramount and Skydance would probably be stronger together and that Par can “now focus on running the business for the benefit of those who will continue to be shareholders.”
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