Seeking Alpha’s roundup of statements, announcements, and remarks that could impact markets, sectors, or individual stocks.
- Netflix (NFLX) is expected to change its bid for Warner Bros. Discovery (WBD) into an all-cash deal, according to Bloomberg and CNBC.
Under their current merger deal, Netflix has agreed to pay $27.75 per share in stock and cash for WBD. The deal excludes WBD’s Global Networks operations, which are slated to be spun out as a separately traded company called Discovery Global this year.
The amended bid would also allow shareholders to vote sooner on the deal, according to CNBC.
The updated bid comes as Paramount Skydance (PSKY) continues to pursue a hostile takeover of WBD, offering shareholders $30 per share in cash for the entire company, including the Global Networks unit. Paramount has argued its bid is superior to Netflix’s offer, noting that Netflix’s stock price has slid since it announced plans to buy WBD.
- Citigroup (C) CFO Mark Mason said the bank is not in favor of President Trump’s recently announced proposal to cap credit card interest rates at 10% for one year, adding that the move could trigger an economic slowdown.
“A cap like this ultimately would cause a restraint, if you will, a restriction on providing credit in the market to those who need it most,” Mason told reporters on a call Wednesday, according to Bloomberg.
“It would have unintended consequences on the consumers, it would have likely derivative impacts on other sectors and industries, and likely result in a significant slowdown in the economy,” Mason added.
- Meanwhile, U.S. Senator Elizabeth Warren, ranking member of the Senate Banking Committee, said Trump called her recently to discuss working together on the 10% cap issue, which would likely require congressional approval.
“He said he wanted to work on that, I said, ‘Great, let’s get something done,’” Warren said during an interview with CNBC on Wednesday.