"is inadequate, with significant risks and costs imposed on our shareholders"
"represents superior, more certain value for our shareholders,"
"once again fails to address key concerns that we have consistently communicated,"
"on an unknown and opaque revocable trust."
Warner Bros. Discovery's board recommended shareholders reject Paramount's $30-per-share all-cash offer and instead accept Netflix's $27.75-per-share cash-and-stock proposal. Paramount's bid would acquire all of WBD, including cable networks such as CNN. Netflix's offer covers the studio, HBO, and HBO Max, excluding TV networks. The WBD board cited financing concerns about Paramount's reliance on an opaque revocable trust allegedly tied to Larry Ellison. The board also stated it does not believe there is a material difference in regulatory risk between the two proposals. An overheard remark from David Ellison warned about admitting breach of fiduciary duty if the offer were accepted as-is.
Read at Business Insider
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