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Infinity Ponders Viacom Purchase Offer

Infinity Ponders Viacom Purchase Offer

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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