viacom canoe advertising

Canadian firm TRC Capital, known for launching unsolicited “mini-tender” offerings to buy a company’s stock below market price, has its eyes on Viacom. Through a “mini-tender” offer, it offered to purchase up to 2.5 million shares of Viacom stock at $38.88 a share, about 4.7% below the closing price of Viacom shares on Dec 22. The offer is about 5.6% below Wednesday’s closing price of $41.18. It represents about 0.72% of Viacom’s outstanding Class B shares.

In a release, Viacom said it does not endorse TRC’s offer and recommends shareholders do not tender their shares. “Viacom recommends that shareholders exercise caution with respect to TRC’s unsolicited mini-tender offer, and notes that the offer price is below Viacom’s current share price.” It noted the offer is subject to several conditions, including the absence of any decrease in the market price of Viacom’s shares from the price on the date of the offer and the ability of TRC to finance the offer. If the market price of Viacom shares falls or TRC can’t obtain financing, TRC is allowed to terminate the offer and not purchase any shares.

Viacom noted TRC has made many similar mini-tender offers for other companies’ shares. It said the SEC has cautioned investors about mini-tender offers, noting that “some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price.” “Viacom strongly encourages shareholders to obtain current market quotations for their shares, and to consult with their broker or financial adviser,” the company said.

The Daily



Trisha Husson was named Head of Strategy, Business Operations and Finance for Disney General Entertainment , reporting to Chairman Peter Rice . As a result, Eric Marcotte was named SVP of the Strategy &amp

Read the Full Issue
The Skinny is delivered on Tuesday and focuses on the cable profession. You'll stay in the know on the headlines, topics and special issues you value most. Sign Up


Jan 28
Cablefax 100 – 2022 Nominations Due: January 28, 2022
Mar 11
The FAXIES 2022Entry Deadline: March 11
Apr 1
Cablefax Top Ops – 2022Nominations Due: April 1, 2022
Jun 3
The Diversity List – 2022Nomination Deadline: June 3
Aug 12
Most Powerful Women – 2022Nominations Due: August 12
Full Calendar


Seeking an INDUSTRY JOB?

Hiring? In conjunction with our sister brand, Cynopsis, we are offering hiring managers a deep pool of media-savvy, skilled candidates at a range of experience levels and sectors, The result will be an even more robust industry job board, to help both employers and job seekers.

Contact for more information.