Company: LBRDK
Filing Date: 2025-01-17
Form Type: PRER14A
Source: 0001140361-25-001417
Chunk: 659

Company: Liberty Broadband Corp
Filing Date: 2025-01-17
Form: PRER14A
Chunk 659
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 of Liberty Broadband concerning the business, operations and prospects of Charter and Liberty Broadband, as well as the anticipated benefits of the Merger. We 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 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 us by the managements of Charter and Liberty Broadband (and approved for our use by the management of Charter). We reviewed the financial terms of the Merger as set forth in the Merger Agreement in relation to, among other things: current and historical market prices of Charter Class A Common Stock, LB Series A Common Stock, LB Series B Common Stock and LB 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. We considered, to the extent publicly available, the financial terms of certain other transactions which we considered relevant in evaluating the Merger. We have also reviewed (i) price targets of certain equity research analysts for Charter Class A Common Stock and LB Common Stock and (ii) estimates of certain equity research analysts of value attributable to the GCI Business. In addition to the foregoing, we conducted such other analyses and examinations and considered such other information and financial, economic and market criteria as we deemed appropriate in arriving at our opinion. The issuance of our opinion has been authorized by our fairness opinion committee.

In rendering our opinion, we have assumed and relied, without independent verification, upon the accuracy and completeness of all financial and other information and data publicly available or provided to or otherwise reviewed by or discussed with us and upon the assurances of the managements of Charter and Liberty Broadband that they are not aware of any relevant information that has been omitted or that remains undisclosed to us. With respect to the information and data relating to Charter and Liberty Broadband, including the Projected Estimates, provided to or otherwise reviewed by or discussed with us, we have been advised by the managements of Charter and Liberty Broadband that such information and data, including the Projected Estimates, were reasonably prepared on bases reflecting the best currently available estimates and judgments of the managements of Charter and Liberty Broad