Cinven has said it plans to hold its stake for three to five years.
His stake can be cashed in as early as this year, but InterActive cannot cash in its VUE stake for five to seven years.
The M.& F. Worldwide Corporation, a licorice flavoring company that is 39 percent-owned by Mr. Perelman, bought his Panavision stake for four times its market price.
For instance, it would be cost-efficient, he says, given the billions of euros at stake, for one of them to let another bidder pay the €240m ($344m) for the fourth licence, then buy the firm.
This is unlikely to worry Werner Seifert, Deutsche Börse's pipe-smoking, organ-playing chief executive: TCI would need to have owned its stake for three months to call a shareholders' vote.
JAL was bailed out in 2009, and the turnaround body "said initially it would hold its JAL stake for three years, so we are considering a possible relisting in 2012," said Seiji Takaramoto, a JAL spokesman.
The auto parts maker Continental said it had ended a weeks-long standoff over a takeover bid from a smaller rival as its suitor, Schaeffler, raised its offer and agreed to limit itself to a minority stake for four years.
Strawbridge & Clothier, a Philadelphia-based department store company, said yesterday that its principal shareholders had agreed not to sell their 47.9percentt stake for six months in a move to block a hostile bid from the Berry Acquisition Company, headed by the investor Ronald S. Baron.
The scorecard here reports the cost of maintaining a $10,000 stake for three months.
