Company: LBRDK
Filing Date: 2025-01-22
Form Type: DEFM14A
Source: 0001140361-25-001609
Chunk: 664

Company: Liberty Broadband Corp
Filing Date: 2025-01-22
Form: DEFM14A
Chunk 664
---
 with the management of the Company. At the direction of the Company, we have also excluded the value of the GCI Divestiture (as defined in the Agreement) for purposes of our opinion. At the direction of the Company, in rendering this opinion, we have not accounted for the fact that the shares of Company Series C Common Stock are non-voting and have treated them as having the same rights as the Company Series A Common Stock. We are not legal, regulatory or tax experts and have relied on the assessments made by advisors to the Company with respect to such issues. We have further assumed that all material governmental, regulatory or other consents and approvals necessary for the consummation of the Transaction will be obtained without any adverse effect on the Company or the Acquiror or on the contemplated benefits of the Transaction.

Our opinion is necessarily based on economic, market and other conditions as in effect on, and the information made available to us as of, the date hereof. It should be understood that subsequent developments may affect this opinion and that we do not have any obligation to update, revise, or reaffirm this opinion. Our opinion is limited to the fairness, from a financial point of view, to the holders (other than (i) the Acquiror and its subsidiaries, (ii) the John C. Malone 1995 Revocable Trust U/A DTD 3/6/1995, The Malone Family Land Preservation Foundation, the John C. Malone June 2003 Charitable Remainder Unitrust and The Leslie A. Malone 1995 Revocable Trust and their respective affiliates, (iii) Gregory B. Maffei and Maven GRAT 1, LLC, Maven 2017-1 GRAT, LLC and the Maffei Foundation and their respective affiliates, (iv) Advance/Newhouse Partnership and its affiliates, (v) the members of the board of directors of the Acquiror and officers within the meaning of Rule 16a-1(f) of the Securities Exchange Act of 1934 (“Section 16 Officers”) of the Acquiror, (vi) the members of the board of directors of the Company and Section 16 Officers of the Company and (vii) the immediate family members (as defined in Item 404 of Regulation S-K) of any of the foregoing (such excluded holders, the “Excluded Stockholders”)) of the Company Common Stock (collectively, the “Disinterested Stockholders”) of the Exchange Ratio in the proposed Merger and we express