Par power play chronology

Sept. 12, 1993 — Paramount Communications Inc. announces plan to merge with Viacom Intl. Inc. in a deal worth $ 8.2 billion or $ 69.14 per Par share — 17.9 times cash flow.

Sept. 20 — QVC launches $ 9.5 billion or $ 80-per-share hostile bid — nearly 20 times cash flow — with partners Liberty Media and Comcast Corp.

Sept. 23 — Viacom files antitrust suit against Tele-Communications Inc., Liberty and QVC, charging that they — under the leadership of John Malone — want to monopolize the U.S. cable industry.

Sept. 27 — Par board meets to consider QVC’s offer. No action is taken, but Davis reaffirms his commitment to Par/Viacom.

Sept. 29 — Blockbuster Entertainment joins Viacom with an investment of $ 600 million and a seat on the Viacom board for Blockbuster chairman H. Wayne Huizenga.

Oct. 4 — Baby Bell Nynex checks into the Viacom stable with a $ 1.2 billion investment.

Oct. 13 — TCI and Bell Atlantic say they’ll merge in a $ 11.8 billion stock swap and the assumption of $ 9.6 billion of TCI and Liberty debt.

Oct. 17 — Cabler Cox Enterprises and publisher Advance Publications each invest $ 500 million in QVC contingent on QVC’s successful acquisition of Par.

Oct. 21 — QVC announces a $ 4.8 billion tender offer for 51% of Par’s outstanding common stock at $ 80 per share. QVC also sues Viacom and Par in Delaware Chancery Court to nullify some $ 350 million of “lockup” fees and options given to Viacom.

Oct. 24 — Viacom commences sweetened tender offer of $ 80 per share for 51% of Par’s outstanding common. The amended Par/Viacom merger agreement boosts the deal’s total value by $ 1.8 billion to an estimated $ 10 billion.

Oct. 28 — QVC files for preliminary injunction to block Viacom’s tender offer and proposed merger until all “lockups” and options are thrown out.

Nov. 6 — Viacom raises the cash portion of its bid to $ 85 per share — more than 20 times estimated 1993 cash flow.

Nov. 10 — Par buys publisher Macmillan for $ 553 million.

Nov. 11 — BellSouth to buy $ 1.5 billion of QVC equity and replace Liberty Media as QVC’s partner. Liberty to divest its 22% stake in QVC if the shopping channel acquires Par.

Nov. 12 — QVC ups cash portion of its bid to $ 90 a share for 51% of Par’s outstanding common, contingent on a favorable court ruling.

Nov. 15 — Par board recommends rejecting QVC bid.

Nov. 16 — QVC Network and Par shareholders ask Delaware Chancery Court Vice Chancellor Jack Jacobs to throw out lockup agreements. QVC says Par board deliberately did not consider its offer.

Nov. 24 — Jacobs rules in QVC’s favor and throws out lockup options. Par and Viacom appeal to Delaware Supreme Court.

Dec. 9 — Delaware Supreme Court upholds Jacobs’ ruling.

Dec. 13 and 14 — Par board says all parties should submit best offers to Lazard Freres by 4 p.m. Dec. 19 and retains right to negotiate with bidders after bids are in.

Dec. 20 — QVC increases its tender offer to $ 92 a share, raising total value of its offer to $ 10.1 billion.

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