Company: LBRDK
Filing Date: 2025-01-17
Form Type: PRER14A
Source: 0001140361-25-001417
Chunk: 160

Company: Liberty Broadband Corp
Filing Date: 2025-01-17
Form: PRER14A
Chunk 160
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 desire to continue to push for a tax receivables agreement for any cash tax payable in excess of $400 million. Representatives of Wachtell Lipton then briefed the Charter special committee on the key business issues discussed with Mr. Malone and certain other terms under negotiation with Liberty Broadband’s counsel in the various transaction documents. The Charter special committee instructed representatives of Wachtell Lipton to continue to advance the transaction documents with O’Melveny.

Following the Charter special committee meeting, on behalf of the Charter special committee, Wachtell Lipton sent to O’Melveny an initial draft of the certificate of designations that would govern the terms of the Charter rollover preferred stock to be issued if the potential transaction is consummated. The draft certificate of designations mirrored the terms of the existing Liberty Broadband preferred stock.

On November 8, 2024, Mr. Haughton and Ms. Wilm and representatives of each of Wachtell Lipton and O’Melveny held a meeting to discuss the key open issues in the transaction documents.

Later that day, representatives of Charter’s and Liberty Broadband’s respective finance teams held a meeting to review the proposed terms of the share repurchases during the interim period, the use of proceeds of such repurchases to repay Liberty Broadband’s debt and the expected accretion in Liberty Broadband’s ownership in Charter during the pendency of the transaction. They discussed, among other things, the schedule and quantum of monthly repurchases by Charter to permit Liberty Broadband to repay all of its outstanding debt by the closing and maintain a minimum liquidity threshold required to fund its operations. Over the next few days, Charter and Liberty Broadband management continued to negotiate the terms of the repurchases and use of proceeds.

Also on November 8, 2024, the Liberty Broadband Board, together with representatives of Liberty Broadband’s management, reviewed a presentation on the financial and legal terms of the combination and discussed the history of the negotiations with the Charter special committee, as well as the remaining open issues between the parties. During the meeting, the Liberty Broadband Board considered the advantages and disadvantages of the combination and the reasons for completing the same on the terms outlined to the Liberty

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Broadband Board. At the conclusion of the discussion, the Liberty Broadband Board authorized Liberty Broadband’s management to proceed with the negotiations towards finalizing a set of proposed definitive transaction documents and to provide