VIACOM <VIA> RECEIVES TWO REVISED OFFERS
Viacom International Inc said it
received revised merger offers from <National Amusements Inc>
and <MCV Holdings Inc>.
    The company said the special committee plans to meet later
today to review both offers.
    Viacom said National Amusements' Arsenal Holdings Inc
raised the value of its offer for the Viacom shares not held by
National Amusements in three areas. National Amusements holds
19.6 pct of Viacom's stock.
    The cash value of the offer was raised to 42.00 dlrs from
the 40.50 dlrs a Viacom share offered February 23 while the
value of the fraction of a share of exchangeable preferred
being offered was increased to 7.50 dlrs a share from six dlrs.
The interest rate to be used to increase the cash value of the
merger, if delayed beyond April 30, was raised to nine pct from
eight pct and 12 pct after May 31.
    A Viacom spokesman said the Arsenal Holdings's offer
continues to include a 20 pct interest in Arsenal for present
Viacom shareholders.
    Viacom said MCV Holdings, a group which includes the
company's senior management and the Equitable Life Assurance
Society of the United States, raised the value of its offer by
increasing the value of the preferred being offered to 8.50
dlrs from 8.00 dlrs a share and raising the ownership in the
new company to be held by present Viacom shareholders to 45 pct
from 25 pct. MCV called its previous offer, made February 26,
the "final" proposed revision of its agreement with Viacom.
 Reuter
