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Paramount's Final Offer Deadline Looms for WBD
17 Feb
Summary
- Skydance is prepared for good faith discussions after WBD reopened talks.
- WBD set February 23rd as the deadline for a final offer.
- Paramount will continue its tender offer and proxy fight.
Warner Bros. Discovery (WBD) has reopened negotiations with Skydance concerning a potential takeover bid. Skydance has been given until February 23rd to present its "best and final" offer. The company stated it is prepared to engage in good faith and constructive discussions.
However, Paramount has signaled its intention to continue with its current tender offer and proxy fight. This includes its efforts to nominate a slate of directors at the upcoming WBD annual meeting. Paramount noted that the WBD Board's decision to not determine if its offer could lead to a superior proposal was unusual.
Paramount's $30 per share all-cash offer is reportedly being considered. The company's board has been criticized for not giving Skydance an unrestricted right to negotiate by not acknowledging the potential superiority of Paramount's bid.
