Company: LBRDK
Filing Date: 2025-01-10
Form Type: PRER14A
Source: 0001140361-25-000778
Chunk: 194

Company: Liberty Broadband Corp
Filing Date: 2025-01-10
Form: PRER14A
Chunk 194
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 $103.79. Citi noted that based on the agreed exchange ratio and the share price for Charter Class A common stock based on both the Unaffected Share Price and the Pre-Announcement Share Price, the implied value of the per share merger consideration was $78.26 and $93.47. This implied that Liberty Broadband’s share interest in Charter was being priced in the combination at a 7.2% discount (based on the Unaffected Share Price) and 9.9% discount (based on the Pre-Announcement Share Price). Selected Precedent Transactions Analysis Citi performed a selected precedent transactions analysis, which was designed to derive a range of implied exchange ratios based on discounts or premiums to net asset value implied in selected transactions based on publicly available financial terms for selected transactions. In connection with its analysis, Citi reviewed publicly available financial data for certain transactions, including financial analyses of financial advisors summarized in proxy statements for such transactions, deemed comparable in one or more respects since 2006 and in respect of which one of the counterparties was a significant stockholder of the other. The selected transactions considered by Citi for its analysis of Liberty Broadband were:

| Date Completed |     | Target                            |     | Acquiror                      |
| 09/24          |     | Sirius XM Holdings                |     | Liberty SiriusXM Group        |
| 12/20          |     | GCI Liberty, Inc.                 |     | Liberty Broadband Corporation |
| 07/20          |     | Standard Diversified Inc.         |     | Turning Point Brands, Inc.    |
| 07/19          |     | Liberty Expedia Holdings, Inc.    |     | Expedia Group, Inc.           |
| 07/18          |     | Spectrum Brands Holdings, Inc.    |     | HRG Group, Inc.               |
| 05/11          |     | Retail Ventures, Inc.             |     | DSW Inc.                      |
| 11/09          |     | DIRECTV                           |     | Liberty Entertainment, Inc.   |
| 04/09          |     | Smith Investment Company          |     | A.O. Smith Corporation        |
| 11/06          |     | Fidelity National Financial, Inc. |     | Fidelity Information Services |

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Citi noted that the merger consideration provided for in the selected transactions indicated discounts / premiums ranging from (11.6%) to 5.