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QVC's Bid for Paramount Sends Target's Stock Soaring. (Originated from The Philadelphia Inquirer)
Knight Ridder/Tribune Business News, September, 1993 by Rozansky, Michael L.
PHILADELPHIA--Sep. 22--QVC's bold $9.5 billion bid on Monday for Paramount Communications Inc. was an effort to grab one of the last great Hollywood studios for sale - an 83-year-old company with vast movie, television and publishing holdings.
In handsomely topping rival bidder Viacom Inc., QVC offered a premium price of $80 per share.
By Tuesday's close of trading, however, the battle for Paramount had driven its stock up $7.25 per share to $77, approaching the value of QVC's bid.
At the same time, Viacom's stock slumped further Tuesday, erasing a billion dollars from its initial $8.2 billion bid.
All this intensified speculation that the legendary movie company might fetch an even higher price - either from QVC, Viacom or yet another,...
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