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.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading