Printer Friendly

PARAMOUNT COMMUNICATIONS ANNOUNCES BIDDING PROCEDURES

 NEW YORK, Dec. 14 /PRNewswire/ -- Paramount Communications Inc. (NYSE: PCI) announced today that its Board of Directors has adopted bidding procedures equally applicable to all present and prospective bidders for Paramount.
 The bidding procedures, the Company said, provide for a single round of bidding with each bidder submitting its best and highest offer by December 20, 1993, unless the Board further extends the date.
 The bidding procedures include the following provision:
 "The Board has a preference for cash and securities with a fixed income stream, a liquidation preference, or, in the case of equities, securities which enjoy the benefits of a wide collar or other value assurance mechanism. In addition, the Board has a preference for a transaction as unconditional, and subject to as few regulatory uncertainties as possible. Insofar as the current Paramount shareholders may be compensated, in part, by equity in the combined company, the board encourages and would view favorably any provisions designed to protect the interests of the Paramount stockholders against the possibility of a squeeze-out merger, open market purchases or other transactions effected by majority or controlling shareholders that may adversely affect the interests of the Paramount stockholders in the continuing combined enterprise."
 The company also announced that at the termination of the bidding process and after selected the bidder providing the greatest value to shareholders, it intents to waive the shareholders' rights plan for all bidders under circumstances that permit the shareholders to tender in accordance with their preference.
 The company also reported that the Board of Directors, at its meeting yesterday evening, determined that it is at present unable to take a position with respect to the Viacom or QVC bids to shareholders. The Company pointed out that this decision was based on a number of factors, including changes in the status of the QVC offer with respect to financing conditions and the decision of the Delaware Supreme Court. It had previously recommended the Viacom bid.
 -0- 12/14/93
 /CONTACT: Jerry Sherman, 212-373-8725, or Carl D. Folta, 212-373-8530, both of Paramount Communications Inc.; or Jeffrey Z. Taufield of Kekst and Company, 212-593-2655/
 (PCI)


CO: Paramount Communications Inc. ST: New York IN: ENT SU:

SH-TW -- NY017 -- 3493 12/14/93 09:00 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 14, 1993
Words:370
Previous Article:VALUE-ADDED ANNOUNCES FIRST NATIONAL NETWORK OF HOTEL CASH MACHINES
Next Article:ANN -- THE NATION'S FASTEST-GROWING ELECTRONIC COMMUNICATIONS COMPANY -- SELECTS CHARLOTTE, N.C., AS REGIONAL HEADQUARTERS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters