"Paramount has repeatedly demonstrated its commitment to acquiring WBD. Our $30 per share, fully financed all-cash offer was on December 4th, and continues to be, the superior option to maximize value for WBD shareholders. Because of our commitment to investment and growth, our acquisition will be superior for all WBD stakeholders, as a catalyst for greater content production, greater theatrical output, and more consumer choice."
"Irrevocable Personal Guarantee: Larry Ellison has agreed to provide an irrevocable personal guarantee of $40.4 billion of the equity financing for the offer and any damages claims against Paramount. Revocable Trust: Mr. Ellison has agreed not to revoke the Ellison family trust (which has been operating for nearly 40 years as a counterparty to numerous transactions) or adversely transfer its assets during the pendency of the transaction."
Paramount improved its hostile takeover offer for Warner Brothers while competing with Netflix for control of the broadcaster and streaming operator. The company secured an irrevocable personal financial guarantee of $40.4 billion from Oracle chairman Larry Ellison, the father of Paramount CEO David Ellison, to resolve doubts about financing. Paramount increased its reverse break-up fee to $5.8 billion to match Netflix's proposal. The improved terms arrived less than a week after Warner Brothers rejected Paramount's $108.4 billion $30-per-share bid in favor of Netflix's $72 billion deal. David Ellison urged the board to accept the $30-per-share, fully financed, all-cash offer as superior for WBD shareholders and stakeholders.
Read at www.theguardian.com
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