Yahoo Finance·2026-02-13 21:37Group 1 - Paramount Skydance is making a hostile tender offer to attract Warner Bros Discovery (WBD) investors away from Netflix, with a shareholder vote anticipated soon [2] - The board's legal duty shifts to maximizing shareholder value once a company is up for sale, which may conflict with the board's preferred transaction [4] - Following Netflix's bid, several investment funds have increased their exposure to WBD's stock, indicating investor anticipation of a sale [5] Group 2 - The BlackRock Event Driven Equity Fund has increased its WBD holdings by 374% as of December 31, while the Vanguard Windsor II Fund raised its holdings by 15% [6] - Oakmark Funds, owning approximately 3.8% of WBD's outstanding shares, expressed satisfaction with the board's actions to unlock shareholder value [7] - Investor David Einhorn noted that his firm Greenlight Capital purchased WBD shares due to the competing offers, expecting a final share price in the low to mid $30s, aligning with Paramount's offer [7]