"WBD has failed to include any disclosure about how it valued the Global Networks stub equity, how it valued the overall Netflix transaction, how the purchase price reduction for debt works in the Netflix transaction, or even what the basis is for its 'risk adjustment' of our $30 per share all-cash offer,"
"We filed suit this morning in Delaware Chancery Court to ask the court to simply direct WBD to provide this information so that WBD shareholders have what they need to be able to make an informed decision as to whether to tender their shares into our offer."
"Despite six weeks and just as many press releases from Paramount Skydance, it has yet to raise the price or address the numerous and obvious deficiencies of its offer,"
Paramount Skydance, led by David Ellison, filed suit in Delaware Chancery Court after Warner Bros. Discovery's board rejected Paramount's $30-per-share all-cash offer in favor of Netflix's bid. Paramount seeks acquisition of the entire company while Netflix would buy streaming and studio units and leave linear networks to be spun off. Ellison alleges WBD failed to disclose how it valued the Global Networks stub equity, how it assessed the Netflix transaction, how purchase-price reductions for debt operate, and the basis for WBD's 'risk adjustment.' Paramount also nominated directors to force a proxy fight; WBD criticized Paramount for not raising price or fixing offer deficiencies.
Read at Vulture
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