"Warner Bros Discovery's board has rejected Paramount Skydance's $108.4bn hostile takeover bid and accused the studio giant of misleading shareholders about its financing. In a letter to shareholders on Wednesday, the Warner Bros board wrote that Paramount consistently misled Warner Bros shareholders that its $30-per-share cash offer was fully guaranteed, or backstopped, by the Ellison family, led by billionaire Oracle cofounder Larry Ellison, whose son David runs Paramount Skydance."
"The board said it found Paramount's offer inferior to Netflix's $27.75 per share offer, which is a binding agreement that requires no equity financing and has robust debt commitments, the board wrote. The board also said the offer could be terminated or amended at any time before the deal's completion, which is not the same as a binding merger agreement."
Warner Bros Discovery's board rejected Paramount Skydance's $108.4 billion hostile takeover bid and accused Paramount of misleading shareholders about the financing of its $30-per-share cash offer. The board stated that Paramount misrepresented a guarantee or backstop by the Ellison family, led by Larry Ellison, which the board says does not exist. Affinity Partners, a fund backed by Jared Kushner, pulled out of the deal prior to the board decision. The board found Paramount's offer inferior to Netflix's $27.75-per-share binding agreement, noting Netflix requires no equity financing and includes robust debt commitments.
Read at www.aljazeera.com
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