In a bizarre twist to the long-running saga surrounding Paramount Global ownership, the validity of a new, purportedly $43bn all-cash bid has been called into question.
Business Wire published a press release on Wednesday morning outlining the offer by an entity known as Apex Capital Trust that arose during the 45-day “go-shop” period, in which Paramount Global’s special committee is allowed to consider rival offers after agreeing to a merger with Skydance Media.
According to the press release, Apex Capital Trust, which described itself as “a conglomerate of financial institutions and financial services providers”, offered to take on Paramount Global’s $15.8bn debt load, inject $10bn into Paramount, and pay Skydance Media’s $400m penalty for not closing its deal were the Apex bid to succeed.
However later in the day Business Wire issued a kill request and withdrew the press release, which a number of media outlets had already picked up. Clicking on the original press release, ’Apex Capital Trust Submits Competing Bid For The Purchase Of Paramount’, led to an error message.
The Financial Times ran an article querying the press release, which, it noted: linked to Apex Capital Bank, which appeared to have been registered last year; claimed Apex Capital Trust has acquired a 40% stake in multinational technology company Simmtronics, which on further inspection appeared to be a memory stick wholesaler based in New Delhi; and said one of its goals with the $10bn Paramount cash infusion was innovation and ”quantum computing”.
Another link to Apex Capital Mega Trust took the reader to a rudimentary website registered on the domain registry GoDaddy last week, on July 23.
Apex’s general counsel was listed as Tatiana Logan who, according to her profile on LinkedIn, hails from the “Russian Far East”, has been with the company for less than one month, founded Elwood Law (reports noted the name’s similarity to the character Elle Woods from Legally Blonde), and earlier in her legal career advised cannabis businesses.
When reached, a Paramount Global spokesperson had no comment. Business Wire had not returned emails to comment at time of writing.
Paramount Global shares fell in after-hours trading after climbing 1.6% during the day.
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