Mafco to Take Majority Stake in Panavision

Ronald Perelman’s Mafco Holdings Inc. will become the controlling shareholder of motion-picture camera maker Panavision Inc., based in Woodland Hills, when Warburg, Pincus Capital Co. sells its stake in the investment. Under the agreement, Panavision shareholders will swap as much as 88% of their individual holdings for $27 a share in cash, and venture capital firm Warburg Pincus will swap 88% of its shares for $26.50 a share in cash and vote all its shares in favor of the transaction. That would give Mafco a 72% stake. Panavision shares fell $1.40 to close at $26.63 on the New York Stock Exchange. Panavision and New York-based Mafco, which has controlling stakes in Revlon Inc., Coleman Co. and Consolidated Cigar Corp., said the transaction will be valued at about $600 million.