Investor Sumner Redstone, who leads 
one of the two groups vying for control of Viacom International 
Inc, offered to sweeten his bid for the company by 1.50 dlrs a 
share cash and 1.50 dlrs in securities. 
    In a filing with the Securities and Exchange Commission, 
Redstone, who controls Dedham, Mass.,-based National Amusements 
Inc, a theater chain operator, offered to raise the cash 
portion of its Viacom offer to 42 dlrs a share from 40.50 dlrs. 
    Redstone also raised the face value of the preferred stock 
he is offering to 7.50 dlrs from six dlrs. 
    The Redstone offer, which is being made through Arsenal 
Holdings Inc, a National Amusements subsidiary set up for that 
purpose, which also give Viacom shareholders one-fifth of a 
share of Arsenal common stock after the takeover. 
    Viacom said earlier today it received revised takeover bids 
from Redstone and MCV Holdings Inc, a group led by Viacom 
management which is competing with Redstone for control of the 
company and already has a formal merger agreement with Viacom. 
    The company did not disclose the details of the revised 
offers, but said a special committee of its board would review 
them later today. 
    The Redstone group, which has a 19.5 pct stake in Viacom, 
and the management group, which has a 5.4 pct stake, have both 
agreed not to buy more shares of the company until a merger is 
completed, unless the purchases are part of a tender offer for 
at least half of the outstanding stock. 
    The two rivals also signed confidentiality agreements, 
which give them access to Viacom's financial records provided 
they keep the information secret. 
    In his SEC filing, Redstone, who estimated his cost of 
completing the takeover at 2.95 billion dlrs, said Bank of 
America is confident it can raise 2.275 billion dlrs. 
    Besides the financing it would raise through a bank 
syndicate, Bank of America has also agreed to provide a 
separate 25 mln dlr for the limited purpose of partial 
financing and has committed to provide another 592 mln dlrs, 
Redstone said. 
    Merrill Lynch, Pierce Fenner and Smith Inc has increased 
its underwriting commitment to 175 mln dlrs of subordinated 
financing debt for the Viacom takeover, from the 150 mln dlrs 
it agreed to underwrite earlier, Redstone said. 
    Redstone said his group would contribute more than 475 mln 
dlrs in equity toward the takeover. 
    The Redstone equity contribution to the takeover would 
consist of all of his group's 6,881,800 Viacom common shares 
and at least 118 mln dlrs cash, he said. 
    The new offer, the second sweetened deal Redstone has 
proposed in his month-long bidding war with management, also 
contains newly drawn up proposed merger documents, he said. 
    Last week, the management group submitted what it called 
its last offer for the company, valued at 3.1 mln dlrs and 
consisting of 38.50 dlrs a share cash, preferred stock valued 
at eight dlrs a share and equity in the new company. Redstone's 
previous offer had been valued at 3.2 billion dlrs. 
 Reuter