Word: bidness
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Dates: during 1990-1999
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...basking in the glow of their new partnership, Wall Street was scratching its head in amazement at both the merger and the apparent meagerness of the new offer. After two weeks of furious negotiations and consultations with a team of investment bankers from Morgan Stanley, Redstone had produced a bid that was considered by many analysts to be not only anticlimactic but also inferior to Diller's current offer. Though the offer is a complex blend of stock and cash, the estimated value of the Viacom-Blockbuster package is around $79 for each share of Paramount stock, in contrast...
...unclear why someone with Redstone's acumen had labored to produce such a tentative bid. Diller thought so little of Redstone's counter that he vowed QVC would simply stand pat, which was tantamount to a claim of victory. Nor was it clear why Huizenga, whose extraordinarily successful Blockbuster has been on a prodigious buying spree of its own for the past year, would cede control of his own company. Huizenga, a clever and willful entrepreneur who had built the company into not only the largest retailer of home videos and Hollywood's largest single customer but also the majority...
After five months of brawling, it finally seems as though the end is in sight. While he stopped short of declaring outright victory for the home- shopping channel, "Diller will not lose any sleep over this new bid," says analyst Logsdon. If Diller does not alter his own bid (most observers believe he will not) and Viacom fails to sweeten its package by early next week, then it remains for Paramount's shareholders to vote with their shares of stock. Though QVC and its advisers radiated confidence at the end of last week, they were not above taking...
...that is true, if Viacom has labored mightily to produce a bid that is not even as strong as its own last bid, then Redstone has made a massive miscalculation. In any case, it seems that the battle is close to being decided by the people who are supposed to make such decisions in the first place: Paramount's shareholders...
Hours before a deadline to make another bid for Paramount Communications, Viacom, Paramount's preferred suitor, announced an agreement to merge with video-rental giant Blockbuster Entertainment. This combination will provide Viacom with the financing needed to counter QVC Network's hostile bid for Paramount.Viacom's new nearly $10 billion offer, though valued at slightly less than QVC's, raises the cash portion of the Viacom bid to $6.4 billion, about $700 million more than the cash in QVC's offer -- which QVC is free to increase...