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Viacom's request would get it 41.5% stake in CBS combo

Apr. 09, 2018 9:55 AM ETViacom Inc. (VIA-OLD) StockVIA-OLD, VIAB, PARABy: Jason Aycock, SA News Editor4 Comments
  • Viacom's (VIA +4.1%, VIAB -0.2%) increased ask of 0.68 shares of CBS (NYSE:CBS) for each Viacom B share would give Viacom holders a 41.5% stake in a combined company, CNBC's David Faber says.
  • But CBS thinks Viacom's estimate of up to $1B in cost synergies is "way off."
  • With CBS up 0.5% to $53.09 and VIAB down 0.2% to $30.85, the new request from Viacom currently values it at $36.10 per B share.
  • Still no progress on a major holdup, in whether Viacom CEO Bob Bakish would be president/COO at the new combination, vs. Les Moonves' preference for his own lieutenant, Joe Ianniello. Faber says it's expected Shari Redstone will start replacing board members if Bakish doesn't get the slot.
  • Previously: Viacom asks CBS to raise merger bid (Apr. 09 2018)

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