MAM

Viacom exchange offer for Blockbuster split-off oversubscribed

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/smartcrop_800x800/public/images/mam-images/2015/12/29/Viacom.jpg?itok=yCtNLQ_V

MUMBAI: Viacom Inc. announced that, based on preliminary results, its exchange offer for the split-off of Blockbuster Inc. was oversubscribed.



The final results to be announced on or before 13 October.



The successful offer to Viacom stockholders for the exchange, on a tax-free basis, of some or all of their Viacom shares for shares of Blockbuster common stock held by Viacom expired at 12:00 midnight, New York City time, on October 5, 2004.



Based on a preliminary count by the exchange agent, The Bank of New York, 294,926,641 shares of Viacom common stock, consisting of 4,648,793 shares of Viacom class A common stock and 290,277,848 shares of Viacom class B common stock, were tendered for exchange. Of these shares, 150,315,329 shares of Viacom common stock, consisting of 1,287,577 shares of Viacom class A common stock and 149,027,752 shares of Viacom class B common stock, were tendered by notice of guaranteed delivery, says a company release.



Viacom will accept for exchange 27,961,165 shares of Viacom common stock in exchange for the 72 million shares of Blockbuster class A common stock and 72 million shares of Blockbuster class B common stock Viacom owns. Because the exchange offer is oversubscribed, Viacom will accept only a portion of the number of shares of each class of Viacom common stock that were tendered, on a pro-rata basis in proportion to the number of shares tendered, says the release.



Based on the preliminary results, and assuming all shares tendered by notice of guaranteed delivery are delivered under the terms of the exchange offer, Viacom will accept approximately 9.5 per cent of the tendered shares of each class of Viacom common stock. Viacom expects to announce the final results of the exchange offer, including the final proration factor, on or before Wednesday, 13 October 2004.



Stockholders that have tendered less than 100 shares, or an odd-lot, will not be subject to proration, except that stockholders that have tendered odd-lots as a participant in a Viacom or Blockbuster employee benefit plan are not entitled to this preference.



Viacom commenced the exchange offer on 8 September 2004 and offered to exchange 5.15 shares of Blockbuster stock, consisting of 2.575 shares of Blockbuster Class A common stock and 2.575 shares of Blockbuster Class B common stock, for each share of Viacom common stock validly tendered and not properly withdrawn, up to an aggregate of 27,961,165 shares of Viacom class A or class B common stock.



Shares of Blockbuster common stock will be credited to accounts of tendering stockholders by the exchange agent promptly after the final results of the exchange offer are announced. In addition, checks in lieu of fractional Blockbuster shares and shares of Viacom class A and class B common stock tendered but not accepted for exchange are expected to be delivered or mailed on or before 22 October 22, 2004, adds the release.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/18/Windus-air-cooler.jpg?itok=CTFS2AdS
BlueStar promotes new cooler range

Air conditioner manufacturer, Blue Star, recently entered the air cooler market with its own brand: Windus.

MAM Media and Advertising Ad Campaigns
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/18/tiger.jpg?itok=Z_UnZnPC
Forca launches new campaign with Tiger Shroff

MUMBAI: Lifestyle has launched a powerful digital first campaign for its denim-wear brand Forca starring Tiger Shroff. Capturing Shroff in action, performing stellar stunts, the film dramatically frames his high-action acrobatic jumps, backflips, kicks and many such moves that highlight the...

MAM Marketing Brands
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/18/ola_0.jpg?itok=-bYnMhFg
Ola honours 'hero' drivers in latest campaign

MUMBAI: In a bid to celebrate outstanding driver partners, ride hailing company Ola has launched a special series to capture and share true stories of customer service and bravery. Being shot and produced under Ola’s pan-India initiative ‘Heroes of Ola’, each capsule will take viewers through...

MAM Marketing MAM
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/18/Crompton.jpg?itok=stVCz0RF
Crompton Greaves eyes growth in air cooler market

MUMBAI: Come summer and fans and air conditioner category has its sleeves rolled up to create brand visibility and awareness. It is the time when sales boost up by at least 3 times for fans, air conditioners and coolers.  This summer, another electrical company has launched its new products in the...

MAM Marketing MAM
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/18/Dheeraj_Sinha-Rajdeepak_Das.jpg?itok=NyKIsYxe
Leo Burnett elevates Dheeraj Sinha, Rajdeepak Das as MDs

MUMBAI: Advertising agency Leo Burnett India has announced two key elevations in its senior leadership. Dheeraj Sinha and Rajdeepak Das have been named as managing directors.

MAM Media and Advertising People
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/17/Tattva.jpg?itok=sg5BD5DS
Sri Sri Tattva captures commitment of purity in latest campaign

Health and wellness FMCG brand, Sri Sri Tattva has launched its new brand tagline ‘Shuddhta Ka Naam’ at the country’s most exciting tournament of the year, Indian Premier League (IPL) 2018.

MAM Marketing Brands
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/17/milk.jpg?itok=O3F1uOlA
Havmor's Cool Gaiz are back

Havmor Ice Cream, one of India’s leading pure milk ice cream brands, gives us another reason to laugh off the heat.

MAM Media and Advertising Ad Campaigns
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/17/Ishrath-Nawaz.jpg?itok=9mllngmk
Ishrath Nawaz joins Publics India as ECD

Publicis India has appointed Ishrath Nawaz as its new executive creative director.

MAM Media and Advertising People
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/17/Magic.jpg?itok=Z66uhgoA
Magic Bus associates with ImpactGuru.com to raise funds for underprivileged children

Mumbai, 17th, April 2018: Magic Bus Foundation, one of India’s largest poverty alleviation programme has associated with ImpactGuru.com, India’s leading crowdfunding platform for NGOs / nonprofits, medical or personal causes, to create awareness and raise funds for underprivileged children in 77...

MAM Marketing MAM

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories