"Paramount is suing WBD for more information, including how it's valuing its cable networks, "so that WBD shareholders have what they need to be able to make an informed decision as to whether to tender their shares into our offer," Paramount said in a letter to WBD shareholders on Monday morning."
"Ellison could raise his bid and hope that the ninth try's the charm. For now, Paramount is sticking with its all-cash, $30-per-share proposal in hopes that WBD shareholders will see something their board of directors doesn't."
"Paramount started this process about four months ago with a private offer at a significant premium to WBD's $12.54 share price, and our pursuit culminated in the $30 per share all-cash, fully financed proposal we made before WBD entered into the Netflix transaction."
Paramount Skydance has escalated its takeover attempt of Warner Bros. Discovery by filing suit to obtain additional information about WBD's valuation, especially of its cable networks. Paramount seeks disclosure so that WBD shareholders can make an informed decision about tendering shares into Paramount's offer. Paramount has maintained an all-cash, $30-per-share, fully financed bid after multiple prior offers and says WBD rebuffed eight approaches in favor of Netflix's cash-and-stock transaction. Paramount is betting that investors will favor its cash proposal and retains the option to raise its bid while pursuing legal remedies for information.
Read at Business Insider
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