Company: LBRDK
Filing Date: 2025-01-10
Form Type: PRER14A
Source: 0001140361-25-000778
Chunk: 187

Company: Liberty Broadband Corp
Filing Date: 2025-01-10
Form: PRER14A
Chunk 187
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TABLE OF CONTENTS

or implications of the combination. Citi expressed no view as to, and its opinion did not address, the underlying business decision of Charter to effect or enter into the combination, the relative merits of the combination as compared to any alternative business strategies that might exist for Charter or the effect of any other transaction which Charter might engage in or consider. Citi’s opinion is not intended to be and does not constitute a recommendation as to how the Charter Board or any securityholder should vote or act on any matters relating to the proposed combination or otherwise. In arriving at its opinion, Citi, among other things:

| • | held discussions with certain senior officers, directors and other representatives and advisors of Charter and certain senior officers and other representatives and advisors of Liberty Broadband concerning the businesses, operations and prospects of Charter and Liberty Broadband, as well as the anticipated benefits of the combination; |

| • | examined certain publicly available business and financial information relating to Charter and Liberty Broadband as well as certain other information and data relating to Charter and Liberty Broadband (including projected estimates (the “Projected Estimates”) of certain financial items expected to be incurred or realized by Liberty Broadband in the future, including certain overhead expense and stock-based compensation and other cash equity awards to be provided to Liberty Broadband employees and tax benefits attributable to certain tax attributes and tax assets of Liberty Broadband), which were provided to or discussed with Citi by the managements of Charter and Liberty Broadband (and approved for Citi’s use by the management of Charter); |

| • | reviewed the financial terms of the combination as set forth in the merger agreement in relation to, among other things: current and historical market prices of Charter Class A common stock, Liberty Broadband Series A common stock, Liberty Broadband Series B common stock and Liberty Broadband Series C common stock; the historical earnings and other operating data of Charter and Liberty Broadband; and the capitalization and financial condition of Charter and Liberty Broadband; |

| • | considered, to the extent publicly available, the financial terms of certain other transactions which Citi considered relevant in evaluating the combination; |

| • | reviewed (i) price targets of certain equity research analysts for Charter Class A common stock and Liberty Broadband common stock and (ii) estimates of certain equity research analysts of value attributable to the GCI business; and |

| • | conducted such other analyses and examinations and considered such other information and financial, economic and market criteria as Citi deemed appropriate in arriving