Viacom Stock Drops, CBS Shares Climb in Early Market Trading as Deal Nears
With Viacom and CBS Corp. closing in on a recombination, which could be announced as early as Monday, the companies' stocks started the week going in different directions in early Monday trading amid a report on the pricing of the deal. reported Monday that the exchange ratio was likely to come in at 0.59-0.60 CBS shares for every Viacom Class B share. The report said that could end up meaning a slight premium for CBS shareholders.
CBS shares as of 10 a.m. ET were up 0.5 percent at $49.15, while Viacom's stock was down 3 percent at $29.12 amid a broader market decline dragging down many stocks.
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