Judge Declines To Fast Track Paramount Suit Amid Warner Merger Fight
Deadline • • general
Key Points:
- A Delaware Chancery Court judge ruled that Paramount failed to demonstrate "irreparable harm" as a Warner Bros. Discovery (WBD) shareholder to justify expedited disclosure amid its hostile tender offer for WBD.
- Paramount sought expedited disclosure regarding the valuation of WBD's Discovery Global spinoff, claiming shareholders need this information to decide between Paramount's and WBD's Netflix merger offers.
- The judge noted Paramount itself is not misled and has other means to obtain information, emphasizing that Paramount is not making decisions based on WBD disclosures and must improve its odds through other avenues.
- Paramount plans to propose an alternate board slate at WBD's annual meeting, signaling a proxy fight, while continuing its $30-per-share cash offer, which
