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 (S)
Implied GLIB FDSO
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 4
Proposal Exchange Ratio
Implied GLIB Series A Offer Price
Purchase Premium to GLIB Today (%)
Purchase Premium to GLIB at Today ($)
Implied GLIB FDSO
Implied GLIB Purchase Price Today
Premium / (Discount) to Pre-tax NAV (%)
Premium /(Discount) to Post-tax NAV (%)
LBRD Proposal
(6/10)
6/10/20
$132.64
$71.18
0.537x
0.557x
$73.94
-3.9%
$287
106.7
$7,888
29.8%
4.5%
$123.30
$66.06
0,557x
$68.73
4.0%
$280
106.7
$7,332
(11.7%)
10.4%
Source: Factset (6/26/20)
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
GLIB Counter
Proposal (6/19)
6/19/20
$130.58
$69.14 1
0.529x
0.585x
$76.39
10.5%
$772
106.7
$8,149
30.8%
4.5%
0.585x
$72.13
9.2%
$643
106.7
$7,695
LBRD Revised
Proposal (6/22)
6/22/20
$129.36
$68.63
(7.4%)
15.8%
0.531x
Value of Proposal as of 6/26/20
$123.30
$66.06
0.575x
$74.38
8.4%
$610
106.7
$7,935
30.5%
4.5%
$123.30
$66.06
0.575x
$70.90
7.3%
$511
106.7
$7,563
(8.9%)
13.8%
GLIB Second
Counter Proposal
(6/24)
6/24/20
$123.99
$65.89
0.531x
0.585x
$72.53
10.1%
$686
106,7
$7,738
30.8%
4.5%
$123.30
$66.06
0.585x
$72.13
9.2%
$643
106.7
$7,695
(7.4%)
15.8%
LBRD Second
Counter Proposal
(6/26)
6/26/20
$124,17
$66.65¹
0.537x
0.580x
$72.02
8.1%
$630
106.7
$7,683
30.6%
4.5%
$123.30
$66.06
0,580x
$71.51
8.3%
$577
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 6/26/20
Represents the average of low and high of GLIB net asset value pre-tax and post-tax on Page 11, with GCI value range of $2.5bn-$3.0bn and Evite value range of $14mm-28mm
EVERCORE
2
106.7
$7,629
(8.1%)
14.8%
Confidential
($ in millions)
LBRD Amended
Second Counter
Proposal (6/28)
6/28/20
0.5800 LBRD Series C
shares (non-voting) for
1 GLIB Series A
(1 vote); 0.5800 LBRD
Series B (10 votes)
for 1 GLIB Series B
(10 votes)
Details on Page 3
GCI
LibertyView entire presentation