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Viacom Taking Nearly 28 Million of Its Own Shares in Exchange Offer

13 Oct, 2004 By: Holly J. Wagner

Viacom Inc. today announced it is taking in nearly 28 million of its own shares in exchange for 144 million shares it holds in Blockbuster in the exchange offer for the Blockbuster split-off.

EquiServe, Blockbuster's transfer agent, is expected to transfer Blockbuster shares to accounts of tendering stockholders by Oct. 20, and checks in lieu of fractional shares are expected to be delivered or mailed by Oct. 22.

Each share of Viacom stock accepted will be exchanged for 5.15 shares of Blockbuster stock.

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