Warner Bros. said in a regulatory filing Tuesday that the waiver will allow it to discuss unresolved “deficiencies” in Paramount’s previous offers.
Warner Bros. now has until Feb. 23 to negotiate a possible transaction with Paramount Skydance.
Last week Paramount upped the ante for its hostile takeover of Warners by adding a 25-cent-per-share ticking fee, adding up to $650 million cash value per quarter. Paramount also said it would pay the $2.8 billion termination fee that would be due to Netflix if Warners rejected the streamer’s offer, the AP reported last Tuesday.
“The additional benefits of our superior $30 per share, all-cash offer clearly underscore our strong and unwavering commitment to delivering the full value WBD shareholders deserve for their investment,” Paramount chair and CEO, David Ellison said in a statement at the time. “We are making meaningful enhancements — backing this offer with billions of dollars, providing shareholders with certainty in value, a clear regulatory path, and protection against market volatility.”
Warners officially rejected Paramount’s eighth bid early in January, but the enhancements to its latest deal has turned heads on the Warners board.
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