Evercore Investment Banking Pitch Book
Project Lotus Proposal Summary
Proposal Date
LBRD Series C Share Price
GLIB Series A Share Price
Implied Market Exchange Ratio at Proposal Date
Proposal Exchange Ratio
Implied GLIB Series A Offer Price
Purchase Premium to GLIB at Proposal (%)
Purchase Premium to GLIB at Proposal ($)
Implied FDSO²
Implied GLIB Purchase Price at Proposal Date
Implied Economic Ownership for GLIB Shareholders
Implied Voting Control for GLIB Shareholders ³
LBRD Series C Share Price
GLIB Series A Share Price
Proposal Exchange Ratio
Implied GLIB Series A Offer Price
Purchase Premium to GLIB Today (%)
Purchase Premium to GLIB at Today ($)
Implied FDSO²
Implied GLIB Purchase Price Today
LBRD Proposal
6/10/20
$132.64¹
$71.18¹
0.537x
0.557x
$73.94
3.9%
$300
Source: Factset (6/22/20)
1.
Reffects closing price of securities one day prior to proposal date
2. Calculated using treasury stock method with implied GLIB Series A offer price
3. Voting interest relates to 1/3 vote per share attributable to holders of GLIB series A redeemable preferred
4. Reffects closing price as of 6/22/20
EVERCORE
106.8
$7,900
29.9%
2.6%
Value of Proposal Today (6/22/20)
$129.36
$68.63
0.557x
$72.11
5.1%
$380
106.8
$7,705
GLIB Counter Proposal LBRD Counter Proposal
6/19/20
$130.58¹
$69.14 1
0.529x
0.585x
$76.39
10.5%
$789
106.9
$8,166
30.9%
2.6%
$129.36
$68.63
0.585x
$75.68
10.3%
$764
Confidential
106.9
$8,088
($ in millions)
6/22/20
$129.36³
$68.633
0.531x
0.575x
$74.38
8.4%
$623
106.9
$7,948
30.5%
2.6%
$129.36
$68.63
0.575x
$74.38
8.4%
$623
106.9
$7,948
GCI
LibertyView entire presentation