GLIBA/LVNTA - GCI Liberty

[jgyetzer]

I don’t know why, but it seems to be halted.  I can’t get an order filled...

 

Edit:  It’s back up.  No nearly as exciting as before

[scorpioncapital]

Could it be the tree sub investment?

[NotSoWise]

Most likely lots of market price sell orders combined with low liquidity - and then halted trading to balance supply/ demand. CHTR may be doing buybacks so its price decline % wise may be lower than GLIBA. When things stabilize CHTR / GLIBA ratio may return to normal (taking aside Lending Tree).

[jgyetzer]

Discount to CHTR, LBRDA keeps increasing.

[WayWardCloud]

Care to share your numbers on the discounts at LBRDA and at GLIBA Jgyetzer?

[jgyetzer]

I'm getting 24% discount to NAV for GLIBA and 15% for LBRDK.  If you could collapse the LBRDK discount, then GLIBA would be 30% off.

 

All of that is of course ignoring taxes on investment gains as per Malone doctrine.  I simply applied GCI purchase price.  Could argue that should be higher or lower.

[Gamecock-YT]

It’s finally happening. 8-K this morning.

 

a potential business combination transaction between Liberty Broadband and GCI Liberty (the “Potential Combination”), in which Liberty Broadband would acquire all of the outstanding shares of Series A common stock, Series B common stock, and Series A Cumulative Redeemable Preferred Stock (“GCI Liberty Preferred Stock”), of GCI Liberty in a stock-for-stock merger. The Possible Exchange Ratio, which remains subject to the negotiation of mutually acceptable transaction agreements, would consist of (i) 0.5800 of a share of Liberty Broadband Series C common stock for each outstanding share of GCI Liberty Series A common stock, (ii) 0.5800 of a share of Liberty Broadband Series B common stock for each outstanding share of GCI Liberty Series B common stock, and (iii) one share of a newly issued series of preferred stock of Liberty Broadband (“Liberty Broadband Preferred Stock”) for each outstanding share of GCI Liberty Preferred Stock, with the new Liberty Broadband Preferred Stock bearing substantially identical terms and conditions to the GCI Liberty Preferred Stock.

[Munger_Disciple]

https://www.businesswire.com/news/home/20200806005929/en/Liberty-Broadband-GCI-Liberty-Announce-Proposed-Combination

 

Definitive merger agreement between Liberty Broadband & GCI Liberty. Fairly large break-up fees in the agreement which means this is essentially a done deal. Given the shared C-suite, there was never any doubt anyhow.