Board slams funding backstop as unreliable, urges shareholders to reject tender offer
Warner Bros. Discovery's board has unanimously rejected Paramount's hostile $30-per-share all-cash offer, accusing the company of misleading shareholders about the reliability of its funding commitments.
In a sharply worded letter to shareholders, the WBD board took aim at Paramount's claims about the Ellison family backstop. "PSKY has consistently misled WBD shareholders that its proposed transaction has a 'full backstop' from the Ellison family.