With three weeks remaining in the “go-shop” period of Paramount Global‘s proposed merger with Skydance, it has emerged that a new suitor has joined the fray.
Apex Capital Trust, a conglomerate of financial institutions and financial services providers, said it submitted a competing offer to purchase Paramount Global shares after the market closed on July 12.
That was less than a week after the two-step Skydance-Paramount deal was announced, in which Skydance and its backers would acquire Paramount controlling shareholder National Amusements before a full merger with Paramount.
Skydance and its backers, including RedBird Capital and Oracle co-founder Larry Ellison, were understood to be putting $8 billion into the deal.
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