Apex Capital Trust has made a competing offer to purchase Paramount Global shares, totaling up to $43 billion, surpassing the rival bid from Skydance Media.

This unsolicited bid comes during a 45-day 'go-shop' period after Paramount's agreement to merge with Skydance Media, which is set to expire on August 21.

The proposed merger with Skydance involves a two-part transaction where Skydance will buy out National Amusements Inc. and merge with Paramount, funded by a significant investment from Oracle founder Larry Ellison's family and RedBird Capital Partners.

However, the merger has faced legal challenges, with investor Scott Baker filing a lawsuit to block the deal due to concerns over lower shareholder payouts.

As of now, there has been no response from Paramount Global or its controlling shareholder, Shari Redstone's National Amusements Inc., regarding Apex's offer.

Apex has emphasized its commitment to preserving Paramount's workforce and minimizing personnel disruption as a priority in its offer.

The Apex proposal also includes assuming Paramount's $15.8 billion debt and covering a $400 million break-up fee to Skydance Media.

This acquisition could mark the end of the Redstone era for Paramount, a company that has been a significant player in the media industry for decades.

A takeover by either Apex or Skydance would signify a major shift in ownership for Paramount, founded by media mogul Sumner Redstone.

Paramount's stock has shown some volatility, rising slightly amid news of Apex's proposal, but investors remain cautious about the credibility of the mysterious buyer.

Concerns have been raised about Apex Capital Trust's lack of a known background and the strategic goals outlined in their press release, which include ambitious plans like 'quantum computing.'