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Hostile Takeover: The $108 Billion War for Warner Bros. (Part II)
The $82.7 billion Netflix-WBD deal is no longer a definitive agreement. Paramount Skydance has launched a hostile tender offer for the entire company at $30.00 per share in all-cash, dramatically escalating the auction to an enterprise value of $108.4 billion. This aggressive maneuver immediately places the WBD Board in a fiduciary trap. Under M&A principles (such as the Revlon standard), the Board's duty shifts to maximizing shareholder value, forcing them to justify why the lower, stock-component Netflix offer is superior to a higher, all-cash bid. The decision hinges not only on price but on opposing antitrust...
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