Large Viacom Stockholder Mulling Bid

The largest shareholder of Viacom International said Monday that it is considering a possible offer to purchase the entertainment and communications firm, even though Viacom’s board last Friday accepted a $2.9-billion buyout offer from a management-led investor group.

National Amusements, which holds 18.3% of Viacom shares, said in a filing with the Securities and Exchange Commission that it is “exploring several alternatives,” including such a buyout. The Dedham, Mass.-based theater concern said National Amusements Chairman Sumner Redstone has been approached in recent weeks by “several third parties” interested in joining a buyout group or purchasing specific assets of the company.

However, the company added that it didn’t try to reach an agreement on the proposals. National Amusements said it would prefer that the company remain public.

Redstone has previously said he was considering his options regarding Viacom’s ownership.

The filing with the SEC caused some analysts to speculate that he was trying to put pressure on the management-led investor group to raise its bid yet again. The investor group has raised its bid twice already. Several Wall Street professionals said Monday that the filing simply made official Redstone’s earlier statement.

“It’s an official maybe ,” said Neil R. Feldman, vice president at Argus Research in Manhattan. “He might do something, and he might not.” Redstone could not be reached for comment.

Viacom’s board agreed last Friday to accept a $2.9-billion bid that would give each shareholder $44 in cash plus convertible preferred shares and a small equity stake in the company.