Ticker: Cape Cod Hospital unveils $215M expansion; Paramount sweetens Warner Bros. deal
Cape Cod Hospital wants to keep patients close to home.
It’s part of a $215 million expansion just unveiled with the goal of providing “advanced oncology, cardiology and medical/surgical services.” It began with the opening of the upper floors of the Edwin Barbey Patient Care Pavilion at Cape Cod Hospital.
“This project reflects our commitment to reinvesting back into our healthcare system over the past 10 years so that we can further our mission of providing exceptional, sophisticated care for our residents and visitors,” said Cape Cod Healthcare President and CEO Michael K. Lauf. “We deliver high-end medicine in a community setting – and now our campus, our facilities, our technology and our people reflect that, today and into the future.”
The Barbey Pavilion project was made possible in part by generous philanthropic support, including a $10 million donation from the Edwin Barbey Charitable Trust.
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Paramount is sweetening its hostile takeover bid for Warner Bros. Discovery with an “irrevocable personal guarantee” from Larry Ellison, who is putting up billions of dollars to back the deal for his son’s company.
On Monday, Skydance-owned Paramount announced that Larry Ellison — the founder of Oracle and father of Paramount CEO David Ellison — had personally agreed to be responsible for $40.4 billion of equity financing for the company’s offer, as well as any damage claims.
Paramount had previously said that the Ellison family trust would be backing more than $40 billion of its bid for Warner. But Warner’s board was critical of that decision last week, arguing that Paramount had “consistently misled” shareholders about the Ellison family’s backing because a “revocable trust is no replacement for a secured commitment.”
Paramount took a swipe at that assertion on Monday — maintaining that Larry Ellison holds the majority of the trust’s assets and that Warner had not previously asked for a personal guarantee. But nevertheless, the company said, it “elected to address WBD’s current stated concerns.”
Beyond doubling down on Ellison’s backing, Paramount also said it would increased its payout if the deal is blocked by regulators. The company is now upping the breakup fee to $5.8 billion — matching what Netflix has already put on the table for its proposed transaction.
The value of Paramount’s $30 per share offer otherwise remains unchanged. But the company is extending the window for shareholders to “tender” their shares, with a deadline now set for Jan. 21.
