Company: LBRDK
Filing Date: 2025-01-22
Form Type: DEFM14A
Source: 0001140361-25-001609
Chunk: 195

Company: Liberty Broadband Corp
Filing Date: 2025-01-22
Form: DEFM14A
Chunk 195
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 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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TABLE OF CONTENTS

Citi noted that the merger consideration provided for in the selected transactions indicated discounts / premiums ranging from (11.6%) to 5.6%. Applying this range of discounts / premiums to the per share Adjusted NAV for Liberty Broadband (excluding its interest in GCI) indicated implied exchange ratios of 0.225x to 0.268x (based on Unaffected Share Price) and 0.232x to 0.277x (based on the Pre-Announcement Share Price), as compared to the agreed exchange ratio in the combination of 0.236x. Selected Precedent Share Repurchase Self-Tender Analysis Citi performed a selected precedent share repurchase self-tender, which was designed to derive a range of implied exchange ratios based on discounts or premiums implied by the final purchase prices paid by issuers in selected precedent share repurchase self-tender transactions relative to the pre-announcement trading price for the issuer’s shares (based on publicly available information). In connection with its analysis, Citi reviewed certain share repurchase self-tender transactions deemed comparable in one or more respects since 2015, including transactions involving issuers with market capitalizations of $1 billion or more and a completed sizing of the repurchase amounting to 5-10% of the issuer’s market capitalization. The