GECs
Viacom asks shareholders to reject ‘Mini-Tender’ offer by TRC Capital
MUMBAI: Canadian firm TRC Capital, which has been known for making “mini-tender” offers for stock in big companies at below-market prices, has now targeted Viacom Inc.
TRC Capital has made an unsolicited “mini-tender” offer to purchase up to 2.5 million shares of Viacom Class B common stock at a price of $38.88 per share, which is approximately 4.7 per cent below the closing price on 22 December, 2015, the day before commencement of the offer, and approximately 5.6 per cent below Wednesday’s closing price of $41.18. The offer is for approximately 0.72 per cent of the outstanding Class B shares of Viacom common stock as of 4 November, 2015.
Viacom says that it does not endorse TRC’s unsolicited mini-tender offer and recommends that shareholders do not tender their shares.
The media behemoth has recommended 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. The company also noted that the offer is subject to the satisfaction of a substantial number of conditions, including the absence of any decrease in the market price of the company’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 cannot obtain financing, TRC is permitted to terminate the offer and not purchase any shares.
“Viacom strongly encourages shareholders to obtain current market quotations for their shares, and to consult with their broker or financial advisor. Shareholders who already have tendered their shares are advised that they may withdraw their shares by providing the written notice described in the TRC offering documents prior to the expiration of the offer, currently scheduled for 12:01 a.m. eastern time on Friday, 22 January, 2016,” the company said.
TRC Capital has made many similar mini-tender offers for the shares of other companies. Because TRC Capital’s mini-tender offer is for less than five per cent of Viacom’s outstanding shares, it is not subject to many of the disclosure and procedural requirements of the Securities and Exchange Commission (SEC) that are designed to protect investors. 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.”
GECs
Samsung TV Plus launches Kings of Comedy channel
New free FAST channel brings iconic Hindi comedy shows to millions of Samsung Smart TV owners.
MUMBAI: Samsung TV Plus has just turned up the laughter volume and it’s completely free. The leading free ad-supported streaming television (FAST) service in India has launched Kings of Comedy, a premium comedy channel featuring some of the country’s most beloved primetime shows. Available exclusively on Samsung TV Plus, the channel delivers back-to-back hits including Comedy Nights with Kapil, Khatra Khatra Khatra, and Comedy Nights Bachao, with no login or subscription required.
The launch marks a milestone for free streaming in India, offering audiences a dedicated comedy destination directly from their Samsung TV home screen. It arrives as Samsung TV Plus India celebrates its 5th anniversary, during which the service has grown its monthly active users by 42 per cent and more than doubled its total viewing hours. The platform now offers over 180 free channels across 14 languages.
Samsung TV Plus India general manager and head of business development Kunal Mehta said, “Comedy is the heartbeat of Hindi entertainment, and Kings of Comedy brings together the shows Indians already love, completely free on their Samsung TV. Our focus remains the same take the content people know and make it effortless to access.”
Globally, Samsung TV Plus has surpassed 100 million monthly active users across more than 4,500 channels, solidifying its position as one of the world’s leading free streaming services.
Kings of Comedy is now available on all compatible Samsung Smart TVs. For viewers seeking non-stop laughter without any cost, this new channel delivers a royal treat proving that sometimes the best entertainment really does come with no strings (or subscriptions) attached.
