Skydance-owned Paramount is again extending the tender offer window in its $77.9 billion hostile takeover bid for Warner Bros. Discovery, while doubling down on a coming proxy fight. Warner stockholders now have until February 20 to sell shares for $30 each.
Skydance-owned Paramount is again extending the tender offer window in its $77.9 billion hostile takeover bid for Warner Bros. Discovery, while doubling down on a coming proxy fight.
Warner stockholders now have until Feb. 20 to sell their shares to Paramount for $30 apiece in cash — a price that remains unchanged, giving the offer a total enterprise value of over $108 billion including debt. It marks the second extension the company has made since challenging Warner’s merger agreement with Netflix last month.
As of late Wednesday, Paramount said that more than 168.5 million Warner shares had been tendered in support of its offer. But that’s still far below the 50% mark it would need to effectively gain control of Warner — which has about 2.48 billion shares outstanding in series A common stock today.
“Once again, Paramount continues to make the same offer our Board has repeatedly and unanimously rejected in favor of a superior merger agreement with Netflix,” Warner said in an emailed statement Thursday — adding that it’s “clear our shareholders agree,” as more than 93% have so far rejected “Paramount’s inferior scheme.
