Amadeusz Juskowiak

Viacom via receives two revised offers

Viacom International Inc said it received revised merger offers from National Amusements Inc and MCV Holdings Inc

The company said the special committee plans to meet later today to review both offers

Viacom said National Amusements Arsenal Holdings Inc raised the value of its offer for the Viacom shares not held by National Amusements in three areas National Amusements holds 196 pct of Viacoms stock

The cash value of the offer was raised to 4200 dlrs from the 4050 dlrs a Viacom share offered February 23 while the value of the fraction of a share of exchangeable preferred being offered was increased to 750 dlrs a share from six dlrs The interest rate to be used to increase the cash value of the merger if delayed beyond April 30 was raised to nine pct from eight pct and 12 pct after May 31

A Viacom spokesman said the Arsenal Holdingss offer continues to include a 20 pct interest in Arsenal for present Viacom shareholders

Viacom said MCV Holdings a group which includes the companys senior management and the Equitable Life Assurance Society of the United States raised the value of its offer by increasing the value of the preferred being offered to 850 dlrs from 800 dlrs a share and raising the ownership in the new company to be held by present Viacom shareholders to 45 pct from 25 pct MCV called its previous offer made February 26 the final proposed revision of its agreement with Viacom

Reuter