Warner Bros. Discovery (WBD) has confirmed receipt of Paramount Skydance’s (PSKY) tender offer to acquire all outstanding shares of the company for $30 per share.
While the company will perform its “fiduciary duties” by considering Paramount’s (PSKY) offer, the Warner Bros. board is not modifying its recommendation with respect to its agreement with Netflix (NFLX).
“Warner Bros. Discovery intends to advise its stockholders of the Board’s recommendation regarding Paramount Skydance’s tender offer within 10 business days,” and urges shareholders to not take any action at this time with respect to Paramount’s offer.
Paramount (PSKY) made a hostile offer for Warner Bros. (WBD) on Monday, offering shareholders a superior offer of $30 per share in cash for all outstanding Warner Bros. shares.
