Core Viewpoint - David Ellison, the boss of Paramount Skydance, has made a $24 per share bid for Warner Bros. Discovery (WBD), amounting to a total of $57 billion, which has been rejected as negotiations continue between the two media giants [1][2]. Group 1: Bid Details - The $24-a-share bid from Ellison has not been previously reported, and insiders at WBD are anticipating a fourth bid from him soon [2]. - WBD's stock surged nearly 12% following the announcement of "unsolicited interest" from potential acquirers, with shares trading at $20.44 after gaining $2.12 [3]. - Ellison is expected to increase his bid to between $26 and $28 per share, putting pressure on WBD's management [5]. Group 2: Strategic Review and Company Valuation - WBD has initiated a review of strategic alternatives due to unsolicited interest from multiple parties, including offers for the entire company and its popular streaming service, HBO Max [4][12]. - CEO David Zaslav believes that WBD's assets are worth at least $30 per share, indicating he is looking for a total valuation exceeding $70 billion for the company [8][12]. - Zaslav has successfully convinced his board to reject Ellison's offers, asserting that he can hold out for a better price [9][12]. Group 3: Competitive Interest - WBD has received interest from major companies such as Netflix, Amazon, Comcast, and Apple regarding its studio and streaming service [13]. - Microsoft has also shown interest in parts of WBD, indicating a competitive landscape for potential acquisitions [13]. Group 4: Financing and Market Dynamics - David Ellison has secured financing from private equity giant Apollo for the potential deal, and his media company is in partnership with Redbird Capital [16]. - There are indications that Larry Ellison may be hesitant to liquidate Oracle stock to fund the acquisition, which has contributed to David Ellison's cautious bidding approach [18].

Core Viewpoint - The board of Spanish lender Sabadell has issued an unfavorable recommendation regarding BBVA's hostile takeover bid, stating that the offer undervalues the bank [1] Company Summary - Sabadell's board believes that BBVA's bid does not reflect the true value of the bank, indicating potential undervaluation in the market [1]

Core Viewpoint - Spanish bank Sabadell's board has unanimously recommended shareholders reject BBVA's hostile takeover bid, which is seen as significantly undervaluing Sabadell's business [1][2][3] Group 1: Takeover Bid Details - BBVA launched a €15.3 billion ($17.97 billion) bid for Sabadell, aiming to create the second-largest Spanish bank with domestic assets around €1 trillion [1] - The acceptance period for the bid lasts until October 7, with results expected by October 14 [2] - Sabadell's board indicated that BBVA's offer is undervalued by up to 40% based on traditional valuation methods [3] Group 2: Board's Position and Shareholder Opinions - Sabadell's CEO stated that the board has not set a specific price threshold for reconsideration of the bid [2] - The Chairman of Sabadell mentioned that a "very substantial change" in the offer would be necessary for the board to reconsider its position [3] - David Martinez, the largest shareholder on Sabadell's board, agreed the offer should be rejected but acknowledged the strategic merit of the transaction [4] Group 3: Market Reactions and Offer Dynamics - Analysts expect BBVA to raise its offer as Sabadell's shares have increased beyond the original bid price, although BBVA has stated it does not intend to change its offer [4] - BBVA can legally increase its offer until 10 working days before the end of the acceptance period [5] - The premium offered by BBVA has decreased from 30% to a negative differential of approximately 9.24% compared to Sabadell's April 29, 2024, closing share price [5] Group 4: Regulatory and Strategic Concerns - The Spanish government opposes the merger and has blocked a full merger for at least three years, leading Sabadell to question BBVA's cost-saving targets [6] - Sabadell's board has identified risks related to revenue loss and uncertainties regarding the execution of the proposed merger [6]