The board announced Thursday that it has officially labeled Paramount’s latest $31-per-share offer a “company superior proposal,” a term with specific procedural meaning in the context of corporate mergers. Importantly, the description does not mean that the board has withdrawn its recommendation of Netflix’s pending offer to shareholders. However, the move does trigger a period of four business days during which Netflix can respond.
“We are pleased Wbd’s board has unanimously affirmed the superior value of our offer, which delivers to Wbd shareholders superior value, certainty and speed to closing,” Paramount CEO David Ellison said in a statement.
A Netflix rep did not immediately respond to Deadline’s request for comment on the board decision.
It is now going to be the streaming giant’s turn…
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