Paramount Global (NASDAQ:PARA) has extended the “go shop” period of its $8 billion merger agreement with Skydance to evaluate a competing bid from media executive Edgar Bronfman Jr, the former CEO of Warner Music Group and Seagram.
The company said on Wednesday it would extend the “go shop” period by 15 days to September 5 to evaluate the new bid.
Bronfman initially offered $4.3 billion for National Amusements, Paramount’s controlling shareholder, but submitted a revised offer of $6 billion on Wednesday.
“There can be no assurance this process will result in a superior proposal,” the Special Committee of Paramount’s board overseeing the sale process said in a statement.
“The company does not intend to disclose further developments unless and until it determines such disclosure is appropriate.”
The Special Committee added that during the “go shop” period it contacted more than 50 third parties to gauge their interest in making a proposal to acquire Paramount. The “go shop” period for other parties expired at 11:59pm ET on Wednesday.