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Discovery exercises cash top-up as Scripps Networks merger nears closure

Published 03/02/2018, 01:45 PM
© Reuters.  Discovery exercises cash top-up as Scripps Networks merger nears closure
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  • Discovery Communications (DISCA +1.5%) is fully exercising a cash top-up option that's part of its merger with Scripps Networks Interactive (SNI +0.4%).
  • The company expects to close the deal Tuesday. On yesterday's close, the 15-day volume-weighted average price of Discovery series C stock was $22.8471.
  • So merger consideration for Scripps Networks shareholders choosing mixed consideration will consiste of $65.82 in cash and 1.0584 shares of Discovery C for each SNI share; this is also the default option for those not making a choice.
  • SNI shareholders choosing cash will get $90 for each of their shares. Those choosing all stock will receive 3.9392 shares of Discovery C.
  • SNI is up 0.4% to $90.01 today.
  • Now read: Valuation Of A New Discovery Communications


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