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IN BRIEF / MEDIA

Panavision Stock Surges on Perelman's Offer

April 25, 2006|From Bloomberg News

Shares of Panavision Inc., a maker of movie cameras, more than doubled after co-Chairman Ronald O. Perelman offered to buy the portion of the company that he didn't already own.

In a letter to Panavision's board, Perelman's MacAndrews & Forbes Holdings Inc. offered $8 a share in cash for Woodland Hills-based Panavision, the company said in a government filing.

Billionaire Perelman would purchase the 4% of Panavision that he doesn't own at a premium of more than double the shares' closing price April 19, the last day they traded. Panavision stock rose $4.90 to $7.90.

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