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SEC Approves Seagram Tender Offer

November 02, 1998|Chuck Philips

The Securities Exchange Commission has approved Seagram Co.'s registration statement for the tender offer of shares for PolyGram. The move paves the way for an early-December closing of the $10.4-billion transaction, which will create the world's largest recording corporation. The acquisition, which the parties agreed to in May, will result in the melding of PolyGram and Seagram's Universal Music Group, bringing to the Montreal-based liquor-and-entertainment giant such top acts as Hanson and LL Cool J. Seagram expects to begin the tender offer for PolyGram shares this week. The deal has already been approved by antitrust regulators in the United States and overseas.

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