Evercore Investment Banking Pitch Book
Summary of Liberty Broadband's Proposal to GCI Liberty
Proposal was received on 6/10/2020 prior to the equity market open
Terms
Details
Exchange Ratio
Form of
Consideration
Implied Price
Implied
Premium
GLIB Series A
Cumulative
Redeemable
Preferred Stock
EVERCORE
Confidential
0.55745 Liberty Broadband (LBRD) Series C shares (non-voting) for each GCI
Liberty (GLIB) Series A or Series B (voting) share held
LBRD Series C Common Shares (non-voting)
$73.94/share for each GCI Liberty (GLIB) Series A or Series B (voting) share
based on LBRD Series C (non-voting) share's closing stock price of $132.64 as of
6/9/20
Implies a 3.9% premium to GLIB Series A shareholders, based on GLIB Series A
closing price of $71.18 as of 6/9/20; implies a similar premium to Series B
shareholders based on quotations on the OTC market
ā Expect to rollover into a Liberty Broadband preferred instrument with similar terms
GCI
LibertyView entire presentation