"WBD has notified Netflix of its determination that the PSKY proposal constitutes a company superior proposal. Under the terms of the Netflix merger agreement, this notice triggers a four-business-day period during which Netflix has the right to propose revisions to the Netflix merger agreement so that the PSKY proposal would cease to constitute a company superior proposal."
"In its revised offer, Paramount offered $31 per share for the company, up from $30, a $7bn regulatory termination fee if the merger is not improved, and a ticking fee amounting to about $650m in cash each quarter beginning after September."
"We are pleased WBD's board has unanimously affirmed the superior value of our offer, which delivers to WBD shareholders superior value, certainty and speed to closing."
Warner Bros Discovery's board determined Paramount Skydance's revised offer constitutes a superior proposal, triggering Netflix's contractual right to respond within four business days. Paramount increased its offer to $31 per share from $30, added a $7bn regulatory termination fee, and included quarterly ticking fees of approximately $650m beginning after September. Netflix must propose revisions to its merger agreement to prevent WBD from terminating the deal. WBD's board continues recommending the Netflix transaction and has not withdrawn its recommendation. A shareholder vote on the Netflix merger is scheduled for March 20, though the timing of this announcement may affect proceedings.
Read at www.theguardian.com
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