Skydance Cites “Overwhelming Evidence” Of Fraud By Late-Arriving Paramount Bidder, Accuses It Of “Hijacking” Merger Review Process

deadline.com:

Skydance’s legal team is fighting back against efforts to derail its pending $8 billion merger with Paramount Global, accusing a rogue rival bidder of trying to “hijack” the regulatory review process.

In a letter filed with the FCC, which is reviewing the transaction, lawyers for David Ellison‘s company laid out its concerns about Project Rise Partners.

The investment group submitted an offer for Paramount after the end of the 45-day “go-shop” period last summer. Absent any alternative formally recognized by the special committee of Paramount’s board, the merger partners say they have a binding contract to see the deal through to completion. “Project Rise is seeking to hijack this Commission proceeding to buy time for litigation to proceed in the Delaware Court of Chancery, in an effort to force Paramount’s Board to consider Project Rise’s belated –and unserious – bid to acquire the company,” Skydance’s legal team said. “But its objections here are as untimely as its bid, and it plainly lacks standing to object to the proposed transaction.

In any event, Project Rise’s broadsides against the Skydance Consortium and the proposed transaction have no factual support or legal merit.” RELATED: As Paramount’s Merger With Skydance Creeps Toward Finish Line, Company Goes Back Under Microscope With Q4 Earnings Report Lawyers for Skydance also spelled out their findings and objections in a letter to opposing counsel in a shareholder lawsuit filed in Delaware.