Company: LBRDK
Filing Date: 2025-02-19
Form Type: 425
Source: 0001140361-25-005132
Chunk: 8

Company: Liberty Broadband Corp
Filing Date: 2025-02-19
Form: 425
Chunk 8
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 a discounted basis using an estimate of a cost of equity for Liberty Broadband of 11.6% (reflecting the midpoint of Citi’s estimated range of Liberty Broadband’s cost of equity derived using the capital asset pricing model, based on Citi’s professional judgment and experience)), (ii) that analyst’s estimate of the value for GCI (adjusted for the debt and cash of GCI as of June 30, 2024) per share of Liberty Broadband common stock by (y) such analyst’s price target (both on an undiscounted basis and a discounted basis using an estimate of a cost of equity for Charter of 11.0% (reflecting the midpoint of Citi’s estimated range of Charter’s cost of equity derived using the capital asset pricing model, based on Citi’s professional judgment and experience)). The section of the joint proxy statement/prospectus entitled “The Combination—Opinion of Liberty Broadband’s Financial Advisor” starting on page 103 is hereby supplemented as follows: The first sentence of the fifth full paragraph on page 105 is amended and restated as follows: J.P. Morgan calculated the estimated pro forma share price of Charter (the “ PF Charter Share Price”) by calculating the quotient of (i) the difference of (a) the estimated implied equity value of Charter on a stand-alone basis of approximately $53,137 million, based on publicly available information as of the unaffected date of September 23, 2024, minus (b) the value of certain net liabilities of Liberty Broadband assumed by Charter of approximately $2,491 million, minus (c) the estimated make-whole fundamental changes payment on the 3.125% exchangeable senior debentures due 2054 assuming an illustrative take-out date of December 31, 2025 and the Charter share price as of November 8, 2024, in each case, as directed by Liberty Broadband management,of approximately $150 million, minus (d) the amount of certain tax liabilities related to the GCI divestiture of approximately $400 million , as provided by Liberty Broadband management, minus (e) net debt increase of Liberty Broadband attributable to cash settlements of certain stock awards of approximately $13 million , as provided by Liberty Broadband management, and minus (f) the net asset value of certain of Liberty Broadband’s corporate assets and liabilities of approximately $114 million , as provided by Liberty Broadband management, divided by (ii) the estimated pro forma fully