Discovery exercises cash top-up as Scripps Networks merger nears closure [Seeking Alpha]
SCRIPPS NETWORKS (SNI)
Last scripps networks earnings: 2/26 04:01 pm
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US:NYSE Investor Relations:
ir.scrippsnetworksinteractive.com
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Source: Seeking Alpha
Discovery exercises cash top-up as Scripps Networks merger nears closureDiscovery Communications (DISCA+1.5%) isfully 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 isup 0.4% to $90.01 today.Click to subscribe to real-time analytics on DISCANow read:Valuation Of A New Discovery Communications »
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