Company: LBRDK
Filing Date: 2025-01-22
Form Type: DEFM14A
Source: 0001140361-25-001609
Chunk: 196

Company: Liberty Broadband Corp
Filing Date: 2025-01-22
Form: DEFM14A
Chunk 196
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 selected transactions considered by Citi for its analysis of Liberty Broadband were:

| Date Announced |     | Issuer                        |
| 05/24          |     | Talen Energy Corp.            |
| 05/24          |     | Monster Beverage Corp.        |
| 07/23          |     | TriNet Group, Inc.            |
| 03/23          |     | Corcept Therapeutics Inc.     |
| 11/22          |     | TriNet Group, Inc.            |
| 02/22          |     | TriNet Group, Inc.            |
| 11/21          |     | Red Rock Resorts Inc.         |
| 11/21          |     | Corcept Therapeutics Inc.     |
| 10/21          |     | InvenTrust Properties Corp.   |
| 08/20          |     | DaVita Inc.                   |
| 07/19          |     | Bread Financial Holdings Inc. |
| 11/16          |     | WebMD Health Corp.            |

Citi noted that the final purchase prices paid in the selected transactions reflected mean, median, 25 thpercentile and 75 thpercentile premiums to the pre-announcement share prices of 11.0%, 6.5%, 2.8% and 15.1%, respectively. Applying premiums ranging from the 25 thpercentile to the 75 thpercentile as noted in the preceding sentence, to the portion of the per share Adjusted NAV for Liberty Broadband attributable to Liberty Broadband’s stake in Charter indicated implied exchange ratios of 0.263x to 0.302x (based on Unaffected Share Price) and 0.271x to 0.310x (based on the Pre-Announcement Share Price), as compared to the agreed exchange ratio in the combination of 0.236x. Pro Forma Charter Equity Value Per Share Accretion / Dilution Analysis Citi performed a pro forma equity value per share accretion / dilution analysis for Charter, which was designed to illustrate the potential impact of the Liberty Broadband NAV Adjustments and the net reduction resulting from the transaction in Charter’s fully diluted shares, calculated using the treasury stock method (based upon information provided by Charter), on the equity value per share for Charter. Citi calculated an implied equity value for Charter by multiplying its share price (the Unaffected Share Price and the Pre-Announcement Share Price)