Company: LBRDK
Filing Date: 2025-01-17
Form Type: PRER14A
Source: 0001140361-25-001417
Chunk: 140

Company: Liberty Broadband Corp
Filing Date: 2025-01-17
Form: PRER14A
Chunk 140
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 Corporation By: /s/ Gregory B. Maffei Name: Gregory B. Maffei Title: President and Chief Executive Officer

| cc: | John C. Malone, Chairman of the Board |

Liberty Broadband Corporation Eric L. Zinterhofer, Chairman of the Board Charter Communications, Inc. Later on September 23, the Charter special committee met with representatives of each of Wachtell Lipton and Centerview to discuss the September 23 Liberty Broadband Proposal. Representatives of Centerview discussed that the September 23 Liberty Broadband Proposal represented a 7.4% premium to Liberty Broadband’s net asset value, including GCI (based on the Charter special committee’s and Centerview’s preliminary calculation of Liberty Broadband’s net asset value). After discussion, the Charter special committee determined that (x) they would like to obtain a value improvement in future rounds of negotiation relative to the September 23 Liberty Broadband Proposal and (y) they did not have sufficient information to evaluate fully the proposal given the lack of alignment on GCI and the fact that Charter had only conducted preliminary, high-level due diligence on GCI under the assumption that it would be excluded from the transaction. The Charter special committee directed Charter management, together with Charter’s and the Charter special committee’s advisors, to conduct further diligence on GCI to better understand its value and risks to Charter before determining how and whether to respond to Liberty Broadband. The Charter special committee also instructed Mr. Markley to solicit Mr. Winfrey’s feedback on the September 23 Liberty Broadband Proposal. On September 25, 2024, Mr. Markley contacted Mr. Winfrey to update him on the Charter special committee’s desire for a value improvement to the September 23 Liberty Broadband Proposal. Mr. Winfrey expressed agreement with this objective and further noted that Charter management’s assessment of net asset value likely differed from Liberty Broadband’s and that the bid-ask on the discount spread was to be expected in any opening proposal from Liberty Broadband. Messrs. Markley and Winfrey also discussed the treatment of GCI and the additional diligence that would be required to evaluate potential courses of action. Also on September 25, representatives of each of Charter management, Wachtell Lipton, Centerview, Citi, Liberty Broadband management, O’Melveny & Myers LLP, legal counsel to Liberty Broadband (“ O’Melveny”), and J.P. Morgan held a call to understand Liberty Broadband’s perspective on