It’s back to bidness for QVC

While QVC Network chief Barry Diller mulls his next move in the wake of Paramount Communications’ decision to back the latest Viacom tender offer, talk Monday focused on the makeup of a new QVC bid.

Traders said it would hold less preferred stock, more cash and some kind of protection on the second-tier securities (as Viacom added) to ensure a minimum value for investors who miss the cash boat.

Dealers swapped names of hedge-fund managers and arbitragers — now the principal Par shareholders — whose advice Diller reportedly sought last week.

Sources say QVC has ruled out nothing — including dropping out — but investment types aren’t buying that. They expect Diller to act before both tender offers expire Monday. Paramount, however, will consider any bid made by Feb. 1.

Monday, Viacom Class B shares fell $ 1.75 to $ 36 per share, and the cable programmer’s Par bid was valued at $ 79.87 per share. QVC stock dropped $ 1 to $ 43 with a Par bid worth $ 84.92 per share. Paramount shares eased 38 cents to $ 79.88.

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