Infinity Ponders Viacom Purchase Offer

Infinity Ponders Viacom Purchase Offer
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Infinity Broadcasting Corp. is reviewing Viacom Inc.'s offer to buy the remaining shares of Infinity it doesn't already own. Viacom has offered to swap 0.564 of its Class B common shares for each Infinity share it would gain.
Now, Viacom holds 100% of Infinity's Class B common stock, representing about 64% of Infinity equity. Viacom doesn't own any Class A Infinity stock, which closed at $35.24 on Monday, before trading of both stocks stopped on the New York Stock Exchange.
Viacom's Class B common stock closed at $71 on Monday.
"While the Infinity IPO has been extraordinarily successful, we believe that Infinity stockholders can realize even greater value through Viacom's offer," said Mel Karmazin, Viacom president/CEO.
Leslie Stimson

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