A Delaware judge signaled Thursday that she is open to considering a lawsuit seeking to block Paramount Global's (NASDAQ:PARA) $8 billion sale to Skydance Media, citing concerns that the deal shortchanges public shareholders.
The lawsuit, filed by New York City pension funds, alleges Paramount's special committee breached its fiduciary duties by rejecting a competing $13.5 billion bid from Project Rise Partners. However, Chancellor Kathaleen McCormick declined to issue an immediate restraining order, stating that while harm to shareholders exists, the deal is not yet imminent.
McCormick ruled that Paramount must notify the pension funds at least five business days before closing, allowing them to seek a temporary restraining order (TRO) if necessary. Regulatory approvals for the merger are still pending.
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