Company: LBRDK
Filing Date: 2025-01-10
Form Type: PRER14A
Source: 0001140361-25-000778
Chunk: 195

Company: Liberty Broadband Corp
Filing Date: 2025-01-10
Form: PRER14A
Chunk 195
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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 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%,