It was a long shot to begin with, said one investor of Bronfmans offer.
But you always want a competitive process with the hope that one or both sides will sweeten their bid.
The stock is down 6.4% at $10.60.
Shari Redstone and David EllisonGetty Images
The financing depended heavily on high-net-worth individuals as private equity and institutional investors were slow to step in.
That agreement included the 45-day window that Par could extend by 15 days to explore any other better offers.
Bronfmans was the only offer to emerge.
Bronfmans team submitted a bid early last week, a few days ahead of the go-shop expiration.
It sweetened the offer just before the deadline and the committee agreed to an extension to engage.
Bronfman then withdrew last night, congratulating Skydance.
Regulators will now take a look at the Paramount-Skydance merger, expectedto close by the middle of next year.
Paramount will then acquire Skydance for $4.75 billion worth of newly issued Paramount Class B stock.
There was no merger in his deal.
This deal is not two major studios combining, like Sonys bid.
Hollywood naturally hates both of those.
The Redstone piece of a deal has been controversial.
he also wants to know what Bronfman offered Redstone.
Pars special committee came to that conclusion as well.
